Clifton S. Robbins‘ Blue Harbour Group has recently increased its stake in Investors Bancorp, Inc. (NASDAQ:ISBC). As a filing with the Securities and Exchange Commission showed, Blue Harbour raised its exposure to the company to 26.62 million shares, from 22.34 million shares held earlier. Following the increase, the activist position amasses 7.4% of the company’s outstanding common stock.
Blue Harbour Group has initiated a position in Investors Bancorp, Inc. (NASDAQ:ISBC) during the first quarter of 2014, after the company went public in March. Over the course of 2014, the investor has raised its position to 20.46 million shares in August, when it filed its first 13D filing and disclosed going activist on the company. Mr. Robbins’ fund stated that it considers the stock attractive and that it has engaged in discussions with the management and the board of the company and would continue to further discuss matters related to maximizing the shareholder value of Investors Bancorp. Meanwhile, the stock of the $3.90 billion company appreciated by around 4.4% since going public.
Investors Bancorp, Inc. (NASDAQ:ISBC) is a special situation company that was reorganized from a mutual holding company Investors Bancorp MHC. Following the reorganization, the public shareholders hold 100% of the company, instead of 40% held previously with the other 60% being held by a mutual holding company. Last year, aside from the reorganization, Investors Bancorp, the holding company for Investors Bank, completed the acquisition of Gateway Community Financial Corp and declared a cash dividend of $0.05 per share.
However, even though Blue Harbour went activist on the stock and declared that it has engaged in discussions with the company, it has not specified anything regarding its next moves. However, the fact that the fund has recently upped its stake shows that it has some plans for the company, especially since the position that currently is valued at some $288 million represents more than 11% of Blue Harbour’s equity portfolio and is one of the largest in terms of value.