Brokerages Set Customers Bancorp, Inc. (NYSE:CUBI) Target Price at $62.22

Shares of Customers Bancorp, Inc. (NYSE:CUBI) have earned an average recommendation of “Moderate Buy” from the nine brokerages that are covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $62.22.

Several research analysts have recently weighed in on CUBI shares. Keefe, Bruyette & Woods boosted their target price on Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Raymond James dropped 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. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Finally, Piper Sandler reduced their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th.

Insider Buying and Selling

In other news, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the sale, the chief executive officer now owns 1,090,598 shares of the company’s stock, valued at approximately $61,662,410.92. This represents a 7.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of Customers Bancorp 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 of the company’s stock, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,440 shares of company stock valued at $5,425,815. Company insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Several institutional investors have recently modified their holdings of the company. CWM LLC increased its stake in Customers Bancorp by 14.2% in the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after purchasing an additional 274 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after buying an additional 282 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in Customers Bancorp by 2.1% in the second quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock valued at $686,000 after acquiring an additional 300 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in Customers Bancorp by 1.7% in the second quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank’s stock valued at $994,000 after acquiring an additional 341 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Customers Bancorp by 10.4% during the second quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock worth $281,000 after purchasing an additional 549 shares during the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $46.98 on Tuesday. 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 stock has a market capitalization of $1.47 billion, a PE ratio of 7.63 and a beta of 1.65. Customers Bancorp has a fifty-two week low of $42.31 and a fifty-two week high of $68.49. The company has a fifty day moving average of $51.49 and a two-hundred day moving average of $50.48.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). The company 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 company’s quarterly revenue was down 23.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.59 earnings per share. As a group, research analysts forecast that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

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.