Brokerages Set Customers Bancorp, Inc. (NYSE:CUBI) Price Target at $61.11

Shares of Customers Bancorp, Inc. (NYSE:CUBI) have been assigned an average rating of “Moderate Buy” from the nine analysts that are covering the company, Marketbeat reports. Five research 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 brokers that have updated their coverage on the stock in the last year is $61.11.

A number of equities analysts have issued reports on the company. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a report on Friday, August 9th. Stephens increased their price target on shares of Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $57.00 to $52.00 in a research note on Monday, November 4th. Wedbush downgraded shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Finally, Piper Sandler lowered their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th.

Insider Buying and Selling

In other news, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction that occurred 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jay S. Sidhu sold 860 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,189,738 shares in the company, valued at approximately $65,114,360.74. This trade represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,440 shares of company stock worth $5,425,815 in the last three months. Insiders own 6.92% of the company’s stock.

Institutional Trading of Customers Bancorp

A number of hedge funds have recently bought and sold shares of CUBI. Wedge Capital Management L L P NC purchased a new stake in shares of Customers Bancorp in the 2nd quarter worth $2,508,000. Intech Investment Management LLC bought a new position in shares of Customers Bancorp in the second quarter worth about $698,000. Thrivent Financial for Lutherans raised its stake in shares of Customers Bancorp by 26.6% in the second quarter. Thrivent Financial for Lutherans now owns 71,473 shares of the bank’s stock worth $3,429,000 after buying an additional 15,011 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Customers Bancorp by 252.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after buying an additional 181,819 shares in the last quarter. Finally, Denali Advisors LLC increased its holdings in Customers Bancorp by 37.0% in the 2nd quarter. Denali Advisors LLC now owns 47,044 shares of the bank’s stock worth $2,257,000 after acquiring an additional 12,700 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Up 1.5 %

Shares of NYSE CUBI opened at $56.11 on Friday. The firm has a fifty day simple moving average of $48.47 and a two-hundred day simple moving average of $49.55. Customers Bancorp has a 12 month low of $42.31 and a 12 month high of $68.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $1.76 billion, a PE ratio of 9.11 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. During the same quarter last year, the business earned $2.59 earnings per share. The business’s quarterly revenue was down 23.2% on a year-over-year basis. Equities analysts expect that Customers Bancorp will post 5.63 earnings per share for the current year.

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.