UPDATE: Sterne Agee Downgrades Investors Bancorp to Neutral, Reiterates $19 PT

Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.

In a report published Monday, Sterne Agee Group downgraded its rating on Investors Bancorp (NASDAQ: ISBC) from Buy to Neutral and reiterated its $19.00 price target.Sterne Agee noted, “We are downgrading Investors Bancorp to Neutral from Buy as the valuation heading into the long anticipated second step conversion looks fair. By our calculation, the shares are now trading at a level that implies an offering would be priced at 103% of tangible book value (TBV) based on year end 2012 base equity. With the actual $1.2 billion deal more than nine months away, we believe it is prudent to be more cautious into the transaction.”Investors Bancorp closed on Friday at $18.81.

Crypto Whales Are Loading Up — Are You?

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!