Stock Conversion Plans, Survey Results, Quarterly Earnings Release, Strategic Agreements, Shareholders Meeting Minutes - Analyst Notes on Investors Bancorp, PNC, Public Storage, Fifth Third Bank and Itau
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NEW YORK, May 7, 2014 /PRNewswire/ --
Today, Analysts Review released its analysts' notes regarding Investors Bancorp Inc. (NASDAQ: ISBC), PNC Financial Services Group Inc. (NYSE: PNC), Public Storage (NYSE: PSA), Fifth Third Bancorp (NASDAQ: FITB) and Itau Unibanco Holding SA (NYSE: ITUB). Private wealth members receive these notes ahead of publication. To reserve complementary membership, limited openings are available at: http://www.analystsreview.com/2133-100free.
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Investors Bancorp Inc. Analyst Notes
On May 1, 2014, Investors Bancorp Inc. (Investors Bancorp) announced that its shareholders and the depositors of its subsidiary, the Investors Bank, have jointly approved the plan of conversion pursuant to which the Company will convert itself into a stock holding Company, New Investors Bancorp, Inc. ("New Investors Bancorp"), with Investors Bank becoming its wholly owned subsidiary. The Company also informed that its stockholders and the Bank's depositors have each approved a plan under which the Company will contribute 1 million shares of New Investors Bancorp common stock and $10.0 million in cash to Investors Charitable Foundation. In addition, the New Investors Bancorp plans to sell 219.6 million shares of its common stock at $10.00 per share, which includes purchase of 6.6 million shares by Investors Bank Employee Stock Ownership Plan, for gross offering proceeds of approximately $2.20 billion. The full analyst notes on Investors Bancorp are available to download free of charge at:
http://www.analystsreview.com/2133-ISBC-07May2014.pdf
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PNC Financial Services Group Inc. Analyst Notes
On April 24, 2014, PNC Financial Services Group Inc. (PNC) published the results of its semi-annual 'Perspectives of Retirement' survey. According to the survey, 52% of retirees have made withdrawals from their retirement savings without a strategy, while 53% are concerned about running out of money. Further, of those drawing down from their investments, 59% say the money is to cover expenses. According to the survey results, retirees are more concerned about running out of money and have made efforts to reduce their expenses, budget more tightly and are taking various actions to reduce costs or raise income, among other actions. Nearly 63% of retirees are of the view that their Social Security or pensions will not be enough to cover expenses and needs in retirement. In addition, the survey also found that retirees are more dependent upon Social Security. The full analyst notes on PNC are available to download free of charge at:
http://www.analystsreview.com/2133-PNC-07May2014.pdf
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Public Storage Analyst Notes
On May 1, 2014, Public Storage (Public Storage) released its Q1 2014 earnings results. The Company reported Q1 2014 operating revenues of $519.6 million, up 10.3% YoY, beating the Zacks consensus revenue estimate of $514 million for the quarter. During the quarter, the Company's revenue from same store facilities improved 5.1% YoY to $440.6 million driven by higher realized annual rent per occupied square foot and higher average occupancy. However, its core FFO (Funds from operations) of $1.80 per share in Q1 2014 missed the Zacks consensus estimate of $1.86 per share. The Company's Q1 2014 net income allocable to common shareholders came in at $174.1 million, or $1.01 per diluted share, compared to net income of $161.9 million, or $0.94 per diluted share, in Q1 2013. The Board of Trustees has declared a regular common quarterly dividend of $1.40 per common share. The full analyst notes on Public Storage are available to download free of charge at:
http://www.analystsreview.com/2133-PSA-07May2014.pdf
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Fifth Third Bancorp Analyst Notes
On April 29, 2014, Fifth Third Bancorp (Fifth Third Bank) announced that its wholly owned subsidiary, Fifth Third Securities, Inc. (Fifth Third Securities), has entered into an agreement to bring in Challenger Capital Group's (Challenger) team of Mergers & Acquisitions (M&A) professionals to Fifth Third Securities. The Company informed that the agreement was finalized after a two year period during which Fifth Third Securities referred all its M&A and strategic advisory clients to Challenger. According to the Company, the team headed by Mike Burr, has a strong track record of success in advising middle market companies on a wide range of strategic transactions including M&A, and accessing the capital markets. Burr and his team will provide capital markets and M&A advisory services to clients at the Capital Markets division of Fifth Third Securities. The full analyst notes on Fifth Third Bank are available to download free of charge at:
http://www.analystsreview.com/2133-FITB-07May2014.pdf
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Itau Unibanco Holding SA Analyst Notes
On April 30, 2014, Itau Unibanco Holding SA (Itau) released the minutes of its ordinary shareholder meeting held on April 23, 2014. During the meeting, certain resolutions were adopted including -- allocation of net income of R$11.7 billion for the following purposes: R$583.1 million to the legal reserve account, R$5.2 billion to the Statutory Reserve account, and R$5.8 billion for payment of dividends and interest on stockholders' equity. The full analyst notes on Itau are available to download free of charge at:
http://www.analystsreview.com/2133-ITUB-07May2014.pdf
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