Trio of savings banks initiated with Buys at Compass Point

|By:, SA News Editor

Calling its $18B balance sheet "whistle-clean" and noting its coveted footprint serving Philadelphia through Long Island, analyst Laurie Hunsicker starts Investors Bancorp (ISBC) with a Buy and $31 price target. "The key to the investment thesis sits in understanding the Mutual Holding Company structure and the implications for existing and new shareholders as ISBC is currently undergoing a second-step IPO." She notes the stock trades at around tangible book value, a discount to peers.

Beneficial Mutual Bancorp (BNCL) and Clifton Savings Bancorp (CSBK) are started at Buy as well.