Investors Bancorp Snaps Up Eight Berkshire Bank Branches

Stock Market

Investors Bancorp, Inc. (ISBC), the holding company of Investors Bank, recently announced the acquisition of eight Berkshire Bank branches. The financial terms of the deal have not been disclosed so far.

The branches are located across New Jersey and eastern Pennsylvania. The buyout was concluded on August 27, 2021.

With this acquisition, Investors Bancorp will acquire about $630 million and $220 million of deposits and consumer and commercial loans, respectively.

The company funded the acquisition with about $600 million of FHLB borrowings at an average rate of 2.13% and incurred approximately $10 million of pre-tax costs as a result. (See Investors Bancorp stock chart on TipRanks)

Recently, Stephens analyst Matthew Breese upgraded the stock to a Buy with a price target of $17.50. The analyst’s price target implies upside potential of 24.8% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 3 Buys and 2 Holds. The average Investors Bancorp price target of $16.34 implies that the stock has upside potential of 16.6% from current levels.

Investors Bancorp scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 80.9% over the past year.

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