Zacks Investment Research upgraded shares of Investors Bancorp, Inc. (NASDAQ:ISBC) from a hold rating to a buy rating in a research note published on Wednesday, Marketbeat.com reports. The firm currently has $14.00 target price on the stock.
According to Zacks, Investors Bancorp, Inc. operates as the holding company for Investors Savings Bank, which provides a range of banking services in the United States. The company generates deposits and originates loans. The company operates from its corporate headquarters in Short Hills, New Jersey, and fifty-three branch offices located in Essex, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Somerset, Union and Warren Counties, New Jersey. The Bank is engaged in the business of attracting deposits from the public through its branch network and borrowing funds in the wholesale markets to originate loans and to invest in securities. It originates mortgage loans secured by one-to four-family residential real estate and consumer loans, the majority of which are home equity loans and home equity lines of credit.
Shares of Investors Bancorp (NASDAQ:ISBC) opened at 12.44 on Wednesday. The firm has a market cap of $4.07 billion and a PE ratio of 23.21. The firms 50-day moving average price is $12.57 and its 200 day moving average price is $12.37. Investors Bancorp has a 52 week low of $10.70 and a 52 week high of $13.13.
First Bank (NASDAQ:FRBA) was upgraded by Zacks Investment Research from a hold rating to a buy rating in a research note issued on Wednesday, MarketBeat.com reports. The brokerage presently has a $7.75 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.48% from the company’s previous close.
According to Zacks, First Bank is a state-chartered bank with five full-service branches. It provides personal and business banking services in New Jersey, the United States. The Bank offers checking, savings, and money market accounts; and auto and home loans, home equity line of credit, fixed rate home equity loans, lines of credit, term loans, commercial mortgages, letters of credit, merchant services, and construction finance. First Bank is headquartered in Hamilton, New Jersey.
Shares of First Bank (NASDAQ:FRBA) remained flat at $6.89 during mid-day trading on Wednesday. The stock’s 50-day moving average price is $6.90 and its 200 day moving average price is $6.34. First Bank has a one year low of $5.55 and a one year high of $7.25. The company has a market cap of $65.25 million and a price-to-earnings ratio of 14.63.
First Bank (NASDAQ:FRBA) last released its earnings results on Wednesday, October 28th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.03. On average, equities research analysts anticipate that First Bank will post $0.45 earnings per share for the current fiscal year.
Perry Cockerells presentation on Home Equity Litigation weighs in on the topic of a Texas Supreme Court case.
(PRWEB) January 05, 2016
Attorney Perry Cockerell recently spoke and presented a paper on Developments in Texas Home Equity Litigation in Bankruptcy Court at the 25th Annual Robert C. Sneed Texas Land Title Institute to over 500 title industry professionals and Texas attorneys gathered December 3-4, 2015 in San Antonio, Texas.
The topic is timely because the Texas Supreme Court just heard oral arguments in a case where they will decide if home equity violations can be asserted more than four years after the closing, commented Mr. Cockerell. That is the law according to the Fifth Circuit and Texas appellate courts that agree that borrower defenses used to forfeit a home equity loan cannot be asserted more than four years after the closing.
Case in point, one bankruptcy court has forfeited two home equity loans by allowing borrowers to raise forfeiture defenses in response to litigation or the filing of a proof of claim more than four years after the closing by holding that the Fifth Circuit ruling has no application in the bankruptcy context. The Texas Supreme Court will have to decide if the Fifth Circuit made the right call in interpreting Texas law. This issue has to be settled once and for all so that all courts in Texas apply the law uniformly, added Mr. Cockerell. The 25th Annual Robert C. Sneed Texas Land Title Institute is hosted by the Texas Land Title Association (TLTA). The TLTA is a trade association that represents the title insurance industry throughout Texas, serving over 13,000 professionals who work to ensure the safe and efficient transfer of real estate. Its estimated that over 90 percent of title insurance agents and underwriters who are licensed to do business in Texas are members of TLTA.
About Perry J. Cockerell, Attorney at Law:
Perry Cockerell is a civil attorney practicing in Dallas, Texas. He has over 34 years of general civil and appellate experience, specializing in civil trial law that involves creditors rights, real estate litigation, title insurance defense, employment litigation, and bankruptcy litigation. Clients of Perry J. Cockerell, Attorney at Law include banks and business entities as well as individuals. For more information on Perry Cockerell or his cases, visit http://perryjcockerell.com or call (214) 740-2521.
For the original version on PRWeb visit: http://www.prweb.com/releases/2016/01/prweb13150942.htm
The Federal Reserve's mid-December decision to begin raising short-term interest rates is starting to be reflected in new credit card offers, according to a rate-tracking web site
Rates inched up in the past week to an average of 15.07 percent from 15.05 percent, the highest average in more than a year as banks adjusted rates upward on some of their card offerings in response to the Fed's action, according to the report from CreditCards.com.
"Card issuers are acting quickly to pass along the Fed rate hike to their customers with variable rate cards," said the report. Among 100 cards tracked by the company, 34 increased rates since the Feds move, all by the same amount: one quarter of a percentage point, the report said.
On Dec. 16, the Fed raised its federal funds target rate from near zero, where it had been since 2008, to 0.25 percent. It was the first hike in nearly a decade.
Consumer loans that are influenced by the benchmark rate include variable rate mortgages, home equity loans and credit cards. The small increase in interest payments on such loans is not expected to impact consumer spending, but economists see the Fed's move as a signal that the country's central bank has enough confidence in the economy to begin backing away from a prolonged rock-bottom interest rate policy that has been shoring up the economy and the stock market since the 2008 financial crisis. Economists expect the Fed to ratchet rates up further in 2016, at a slow and gradual pace.
However, bankers, who are concerned about thin profit margins, are not expected to move quickly to increase interest they pay to savers. But competitive pressures could come into play on the deposit side -- sooner or later.
The Wall Street Journal reported this week, citing an anonymous source, that JPMorgan Chase amp; Co., the largest US bank by assets, will begin raising deposit rates for some big clients in January.