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OFFON

INVESTORS BANCORP, INC.

(ISBC)
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Investors Bancorp : Citizens Financial to buy Investors Bancorp in $3.5 billion deal

07/28/2021 | 08:11am EDT

(Reuters) - Citizens Financial Group Inc said on Wednesday it will buy New Jersey-based bank holding company Investors Bancorp Inc in a cash-and-stock deal valued at $3.5 billion.

Investors Bancorp shareholders will get $1.46 in cash and 0.297 of Citizens' stock for each share held, according to the terms of the deal. Based on the last closing price, the deal represents a premium of over 12% for Investors Bancorp shareholders.

The banking sector has seen a number of mergers in recent years, with the value of M&A among commercial, savings and investment banks reaching $54.66 billion by November 2020, the highest since 2009, according to data from Dealogic.

Earlier this month, Reuters reported President Joe Biden's planned executive order to promote greater U.S. competition would target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals.

After the deal closes, Investors Bancorp Chief Executive Officer Kevin Cummings will join the board of Citizens Financial, the companies said.

(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)


ę Reuters 2021
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Analyst Recommendations on INVESTORS BANCORP, INC.
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Financials (USD)
Sales 2021 837 M - -
Net income 2021 296 M - -
Net Debt 2021 - - -
P/E ratio 2021 10,9x
Yield 2021 4,03%
Capitalization 3 258 M 3 258 M -
Capi. / Sales 2021 3,89x
Capi. / Sales 2022 3,67x
Nbr of Employees 1 813
Free-Float 62,7%
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Technical analysis trends INVESTORS BANCORP, INC.
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 13,75 $
Average target price 16,45 $
Spread / Average Target 19,6%
EPS Revisions
Managers and Directors
Kevin Cummings Chairman & Chief Executive Officer
Domenick A. Cama President, Chief Operating Officer & Director
P. Sean Burke Chief Financial Officer & Executive Vice President
Doreen R. Byrnes Independent Director
William V. Cosgrove Independent Director