ISBC stock rose more than 4% on January 4, 2022. The stock has been uptrending since being named on Wedbush’s Best Ideas list.
Citizens Financial added to Best Ideas List at Wedbush
On January 3, 2022, Wedbush analyst Peter Winter added Citizens Financial (CFG) to his firm’s Best Ideas List as he believes the company is better positioned than most peer banks to generate positive operating leverage in 2022. Between HSBC and Investors Bancorp (ISBC), Winter believes Citizens will add about 1 million new customers, setting the stage for substantial cross-sell revenues opportunities to a customer base that has essentially been underserved. Citizens is also expanding into new higher growth contiguous markets, which should lead to improved household growth and better customer retention, the analyst contends. Winter has an Outperform rating and a price target of $58 on the shares.
Investors Bancorp announces shareholder approval of Citizens deal
On November 19, 2021, Investors Bancorp, Inc. (ISBC) announced that stockholders of the company approved the planned merger with Citizens Financial Group (CFG) at a special meeting of the company’s stockholders. The transaction is expected to close in the first half of 2022, subject to the receipt of required regulatory approvals and other customary closing conditions. Kevin Cummings, Chairman and Chief Executive Officer, commented, “We are very pleased to have received overwhelming stockholder support for the planned merger with Citizens. Our customers, colleagues, communities and stockholders will benefit from Citizens’ scale, capabilities and commitment to excellence.”
📺 Citizens Financial CEO on acquisition of Investors Bancorp
📈 Investors Bancorp Stock Technical Analysis
Both the short-term and long-term trends are positive. This is a very positive sign. ISBC is one of the better-performing stocks in the Banks industry, it outperforms 72% of 319 stocks in the same industry. ISBC is currently making a new 52 week high. This is a strong signal. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
There is a support zone ranging from 14.97 to 15.43. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is also a support zone ranging from 14.20 to 14.62. This zone is formed by a combination of multiple trend lines in multiple time frames.
There is a resistance zone ranging from 16.33 to 16.33. This zone is formed by a combination of multiple trend lines in multiple time frames.
Although ISBC has an excellent technical rating, it does not offer a high-quality setup at the moment. Prices have been extended to the upside lately. For a nice entry it is better to wait for a consolidation. Click here to sign up for email alerts on when ISBC stock consolidates and is a good long entry.