B. Riley Forecasts Strong Price Appreciation for Customers Bancorp (NYSE:CUBI) Stock

Customers Bancorp (NYSE:CUBI) had its price objective upped by equities researchers at B. Riley from $78.00 to $80.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. B. Riley’s price target indicates a potential upside of 72.19% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler cut their price objective on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday. Hovde Group cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a research report on Friday, August 9th. Raymond James cut their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. DA Davidson upped their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $57.00 to $52.00 in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $61.88.

Customers Bancorp Trading Up 1.8 %

Shares of Customers Bancorp stock opened at $46.46 on Monday. The firm has a 50-day moving average of $47.09 and a 200-day moving average of $48.92. The stock has a market cap of $1.47 billion, a PE ratio of 7.54 and a beta of 1.61. Customers Bancorp has a 52-week low of $40.61 and a 52-week high of $68.49. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The business had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. During the same period in the previous year, the firm posted $2.59 EPS. The company’s revenue was down 23.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Customers Bancorp will post 6.11 EPS for the current year.

Insiders Place Their Bets

In other Customers Bancorp news, CEO Samvir S. Sidhu bought 2,500 shares of the stock in a transaction on Tuesday, August 13th. The stock was purchased at an average price of $45.53 per share, with a total value of $113,825.00. Following the completion of the purchase, the chief executive officer now owns 144,504 shares in the company, valued at $6,579,267.12. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CUBI. Hood River Capital Management LLC increased its stake in shares of Customers Bancorp by 94.3% in the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after buying an additional 266,462 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after buying an additional 225,785 shares during the period. Peregrine Capital Management LLC acquired a new position in shares of Customers Bancorp in the second quarter valued at approximately $7,690,000. Vanguard Group Inc. increased its stake in shares of Customers Bancorp by 5.4% in the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock valued at $116,038,000 after buying an additional 111,654 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Customers Bancorp by 14.6% in the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after buying an additional 87,557 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.

About Customers Bancorp

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.