Customers Bancorp (NYSE:CUBI) Upgraded at StockNews.com

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

Other analysts have also recently issued reports about the company. Piper Sandler dropped 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. DA Davidson boosted their price target on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Hovde Group cut 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. Keefe, Bruyette & Woods cut Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $57.00 to $52.00 in a research report on Monday, November 4th. Finally, Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Six analysts have rated the stock with a hold rating, three have issued 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 a consensus price target of $61.11.

Customers Bancorp Stock Performance

Customers Bancorp stock opened at $54.32 on Friday. The stock’s 50 day simple moving average is $47.95 and its two-hundred day simple moving average is $49.35. 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 cap of $1.70 billion, a price-to-earnings ratio of 8.82 and a beta of 1.61. Customers Bancorp has a fifty-two week low of $42.31 and a fifty-two week high of $68.49.

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

Insider Activity at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $3,556,622.08. The trade was a 7.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay S. Sidhu sold 860 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total transaction of $47,067.80. Following the sale, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at approximately $65,114,360.74. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,440 shares of company stock valued at $5,210,695. 6.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds have recently added to or reduced their stakes in CUBI. Geode Capital Management LLC increased its stake in shares of Customers Bancorp by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after purchasing an additional 17,941 shares in the last quarter. Barclays PLC increased its stake in shares of Customers Bancorp by 46.9% in the 3rd quarter. Barclays PLC now owns 89,879 shares of the bank’s stock worth $4,175,000 after purchasing an additional 28,683 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Customers Bancorp in the 3rd quarter worth $736,000. State Street Corp increased its stake in shares of Customers Bancorp by 10.5% in the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after purchasing an additional 169,982 shares in the last quarter. Finally, Systematic Financial Management LP purchased a new stake in shares of Customers Bancorp in the 3rd quarter worth $574,000. 89.29% of the stock is currently owned by hedge funds and other 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.