In a report published Friday, Compass Point analyst Laurie Havener Hunsicker reiterated a Buy rating on Investors Bancorp (NASDAQ: ISBC), and raised the price target from $12.00 to $12.50.
In the report, Compass Point noted, “ISBC offers investors a unique opportunity to invest in the largest publicly traded bank headquartered in NJ; ISBC is a well-capitalized, 88+ year old, whistle-clean, $17 billion-asset sized bank, with a management team that has a demonstrated history of accretive acquisitions (and has continued to assert the importance of being protective to tangible book) and capital management (share repurchase and, more recently dividends). ISBC's management has successfully transitioned from a traditional thrift to a bank-like balance sheet and has a coveted footprint serving the greater NYC MSA, spanning from Philadelphia through Long Island.”
Investors Bancorp closed on Thursday at $10.75.
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