Director Richard D. Weiss of Janney Montgomery Scott has rated Investors Bancorp, Inc. (ISBC) an “outperform” due the company’s ability to transform itself from a pure thrift to a more commercial-like bank.
“[Investors Bancorp] is an interesting stock. Earlier this year, they did a second-step conversion, whereby approximately $2 billion of equity capital was raised,” Weiss said. “It trades around 105% to 110% of tangible book value. The company has a great deal of capital. In the past, they have done acquisitions, but for now they are sitting tight.”
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Weiss considers Investors Bancorp a thrift success story, and says the company has unique features that make it difficult for others to replicate.
“One aspect is the patience and willingness of management to achieve success over the long term. Investors was fairly large when it did the second-step offering and raised a great deal of money — that would be hard to replicate,” Weiss said.
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