Customers Bancorp (NYSE:CUBI) Price Target Raised to $80.00

Customers Bancorp (NYSE:CUBI) had its price target upped by analysts at B. Riley from $78.00 to $80.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. B. Riley’s price target suggests a potential upside of 73.01% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. DA Davidson boosted their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Raymond James decreased their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 2nd. Piper Sandler dropped their price target on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday. Wedbush cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Finally, Hovde Group cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a research note on Friday, August 9th. Four 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.88.

Customers Bancorp Stock Up 1.2 %

Customers Bancorp stock traded up $0.56 during midday trading on Monday, reaching $46.24. The stock had a trading volume of 199,612 shares, compared to its average volume of 363,471. The stock has a market capitalization of $1.47 billion, a P/E ratio of 7.51 and a beta of 1.61. The firm’s fifty day simple moving average is $47.26 and its 200-day simple moving average is $48.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93. Customers Bancorp has a 1-year low of $40.61 and a 1-year high of $68.49.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). The business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.79%. The firm’s quarterly revenue was down 23.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.59 earnings per share. As a group, analysts expect that Customers Bancorp will post 6.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Customers Bancorp news, CEO Samvir S. Sidhu acquired 2,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were acquired at an average price of $45.53 per share, with a total value of $113,825.00. Following the completion of the transaction, the chief executive officer now owns 144,504 shares in the company, valued at approximately $6,579,267.12. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Ridgewood Investments LLC purchased a new stake in shares of Customers Bancorp during the second quarter worth $48,000. GAMMA Investing LLC boosted its stake in Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after purchasing an additional 282 shares during the period. Innealta Capital LLC purchased a new position in Customers Bancorp during the 2nd quarter valued at about $74,000. CWM LLC increased its position in shares of Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after buying an additional 274 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Customers Bancorp in the second quarter worth about $151,000. 89.29% of the stock is 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.