Brokerages Set Customers Bancorp, Inc. (NYSE:CUBI) Price Target at $61.11

Shares of Customers Bancorp, Inc. (NYSE:CUBI) have received an average recommendation of “Moderate Buy” from the nine research firms that are covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $61.11.

A number of brokerages recently commented on CUBI. Raymond James lowered their price objective on 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. Hovde Group downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target for the company. in a research note on Friday, August 9th. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $57.00 to $52.00 in a report on Monday, November 4th. Piper Sandler cut their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, StockNews.com cut Customers Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday.

Customers Bancorp Trading Down 1.9 %

Shares of NYSE CUBI opened at $56.58 on Friday. Customers Bancorp has a 1-year low of $42.31 and a 1-year high of $68.49. The company has a 50-day moving average of $48.65 and a two-hundred day moving average of $49.61. The company has a market cap of $1.77 billion, a PE ratio of 9.19 and a beta of 1.61. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The firm’s quarterly revenue was down 23.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.59 EPS. As a group, equities analysts expect that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Customers Bancorp

In other news, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $56.54, for a total value of $4,895,120.12. Following the completion of the transaction, the chief executive officer now owns 1,090,598 shares in the company, valued at $61,662,410.92. This represents a 7.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the sale, the director now owns 4,567 shares in the company, valued at approximately $245,613.26. The trade was a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,440 shares of company stock valued at $5,425,815. Company insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CUBI. Hood River Capital Management LLC grew its stake in shares of Customers Bancorp by 94.3% during the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after acquiring an additional 266,462 shares in the last quarter. Assenagon Asset Management S.A. grew its position in 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 purchasing an additional 225,785 shares in the last quarter. State Street Corp increased its stake in Customers Bancorp by 10.5% in the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock valued at $82,773,000 after buying an additional 169,982 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in Customers Bancorp during the 2nd quarter worth about $7,690,000. Finally, Vanguard Group Inc. boosted its stake in shares of Customers Bancorp by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after buying an additional 111,654 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Company Profile

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.