Customers Bancorp (NYSE:CUBI) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Customers Bancorp (NYSE:CUBI) from a sell rating to a hold rating in a research note released on Sunday.

A number of other research firms have also weighed in on CUBI. Raymond James lowered their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. 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 report on Monday, November 4th. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research report on Friday, August 9th. B. Riley increased their target price on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $57.00 to $52.00 in a research note on Monday, November 4th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.11.

Customers Bancorp Stock Down 0.7 %

Shares of NYSE CUBI opened at $56.45 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 9.16 and a beta of 1.61. The stock has a 50 day moving average price of $49.30 and a 200 day moving average price of $49.82. Customers Bancorp has a 52-week low of $42.31 and a 52-week high of $68.49.

Customers Bancorp (NYSE:CUBI) last announced its quarterly 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). The firm had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The firm’s revenue for the quarter was down 23.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.59 EPS. Sell-side analysts expect that Customers Bancorp will post 5.63 earnings per share for the current year.

Insider Transactions at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the transaction, the insider now owns 66,256 shares in the company, valued at $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of the transaction, the chief executive officer now owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. This represents a 7.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,440 shares of company stock valued at $5,425,815. 6.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Customers Bancorp

Several large investors have recently bought and sold shares of the stock. Basswood Capital Management L.L.C. acquired a new stake in shares of Customers Bancorp during the third quarter worth about $26,000. Ridgewood Investments LLC acquired a new stake in shares of Customers Bancorp during the second quarter worth about $48,000. Innealta Capital LLC acquired a new stake in shares of Customers Bancorp during the second quarter worth about $74,000. GAMMA Investing LLC boosted its stake in shares of Customers Bancorp by 21.7% during the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after buying an additional 282 shares during the period. Finally, Quest Partners LLC boosted its stake in shares of Customers Bancorp by 143.4% during the third quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock worth $76,000 after buying an additional 962 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.