Customers Bancorp (NYSE:CUBI) Price Target Cut to $57.00 by Analysts at Jefferies Financial Group

Customers Bancorp (NYSE:CUBI) had its price objective reduced by Jefferies Financial Group from $59.00 to $57.00 in a report issued on Wednesday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the bank’s stock.

Other equities analysts have also recently issued reports about the company. Hovde Group dropped their price objective on Customers Bancorp from $66.00 to $63.00 and set an outperform rating on the stock in a research note on Thursday, May 2nd. Wedbush dropped their price objective on Customers Bancorp from $63.00 to $61.00 and set an outperform rating on the stock in a research note on Friday, April 26th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Customers Bancorp presently has a consensus rating of Moderate Buy and a consensus target price of $60.63.

Customers Bancorp Stock Performance

NYSE CUBI opened at $48.39 on Wednesday. The company has a fifty day simple moving average of $46.36 and a 200 day simple moving average of $50.41. Customers Bancorp has a 12-month low of $29.99 and a 12-month high of $60.09. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.52 billion, a P/E ratio of 6.76 and a beta of 1.65.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.05. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The business had revenue of $181.62 million for the quarter, compared to analysts’ expectations of $183.48 million. During the same period last year, the business earned $1.58 EPS. The business’s revenue was up 8.1% on a year-over-year basis. Sell-side analysts predict that Customers Bancorp will post 6.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in Customers Bancorp by 28.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock worth $73,454,000 after acquiring an additional 475,907 shares during the last quarter. Access Investment Management LLC purchased a new stake in Customers Bancorp in the 4th quarter worth about $16,194,000. Federated Hermes Inc. increased its holdings in Customers Bancorp by 3,784.1% in the 4th quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock worth $7,963,000 after acquiring an additional 134,638 shares during the last quarter. Vanguard Group Inc. increased its holdings in Customers Bancorp by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after acquiring an additional 111,654 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Customers Bancorp by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock worth $10,554,000 after acquiring an additional 91,311 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

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.