Customers Bancorp (NYSE:CUBI) Earns “Equal Weight” Rating from Stephens

Stephens restated their equal weight rating on shares of Customers Bancorp (NYSE:CUBI) in a research note issued to investors on Friday,Benzinga reports. The firm currently has a $58.00 price target on the bank’s stock.

A number of other research analysts also recently issued reports on the stock. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Keefe, Bruyette & Woods boosted their target price on shares of Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. B. Riley raised their price target on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Piper Sandler lowered their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Raymond James lowered their price target 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. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.56.

Customers Bancorp Stock Up 14.1 %

Customers Bancorp stock opened at $57.46 on Friday. The firm has a market capitalization of $1.80 billion, a P/E ratio of 9.33 and a beta of 1.68. 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 has a twelve month low of $42.31 and a twelve month high of $68.49. The stock’s fifty day simple moving average is $51.41 and its 200-day simple moving average is $51.01.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.15. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. As a group, equities analysts expect that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Customers Bancorp news, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total transaction of $215,120.00. Following the transaction, the director now directly owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the sale, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. The trade was a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,440 shares of company stock valued at $5,425,815 over the last quarter. Company insiders own 6.92% of the company’s stock.

Institutional Trading of Customers Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. raised its stake in shares of Customers Bancorp by 88.9% during the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after purchasing an additional 225,785 shares during the last quarter. State Street Corp raised its position in Customers Bancorp by 10.5% during the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after buying an additional 169,982 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of Customers Bancorp in the 3rd quarter worth $3,470,000. Sei Investments Co. boosted its holdings in shares of Customers Bancorp by 53.1% in the second quarter. Sei Investments Co. now owns 132,048 shares of the bank’s stock valued at $6,336,000 after acquiring an additional 45,818 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Customers Bancorp during the second quarter worth about $1,579,000. 89.29% of the stock is owned by institutional investors and hedge funds.

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.