Customers Bancorp (NYSE:CUBI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “
CUBI has been the subject of a number of other reports. Sandler O’Neill set a $27.00 price target on Customers Bancorp and gave the stock a “hold” rating in a report on Monday. Maxim Group reaffirmed a “buy” rating and set a $46.00 price target on shares of Customers Bancorp in a report on Tuesday, August 14th. Finally, ValuEngine downgraded Customers Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, August 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $35.80.
Shares of NYSE CUBI opened at $23.54 on Tuesday. The stock has a market cap of $761.34 million, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 0.90 and a beta of 0.69. The company has a quick ratio of 0.97, a current ratio of 1.22 and a debt-to-equity ratio of 3.48. Customers Bancorp has a 1 year low of $23.53 and a 1 year high of $33.85.
Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Wednesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.07. The company had revenue of $83.45 million during the quarter, compared to the consensus estimate of $86.16 million. Customers Bancorp had a return on equity of 12.75% and a net margin of 16.24%. During the same period in the previous year, the business earned $0.78 EPS. equities research analysts expect that Customers Bancorp will post 2.66 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Riverhead Capital Management LLC lifted its holdings in shares of Customers Bancorp by 44.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 6,784 shares of the bank’s stock valued at $192,000 after purchasing an additional 2,100 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Customers Bancorp in the 2nd quarter valued at about $196,000. Tyers Asset Management LLC lifted its holdings in shares of Customers Bancorp by 44.6% in the 2nd quarter. Tyers Asset Management LLC now owns 7,448 shares of the bank’s stock valued at $211,000 after purchasing an additional 2,296 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of Customers Bancorp in the 2nd quarter valued at about $251,000. Finally, Flinton Capital Management LLC lifted its holdings in shares of Customers Bancorp by 44.6% in the 2nd quarter. Flinton Capital Management LLC now owns 9,044 shares of the bank’s stock valued at $257,000 after purchasing an additional 2,788 shares during the last quarter. 81.61% of the stock is 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 small and middle market businesses, not-for-profits, and consumers. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, individual retirement, and non-retail time deposit accounts, as well as certificates of deposit.
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