Customers Bancorp (NYSE:CUBI) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Monday, ValuEngine reports.
A number of other brokerages have also recently weighed in on CUBI. Maxim Group restated a “buy” rating and issued a $38.00 price objective on shares of Customers Bancorp in a report on Wednesday, July 10th. Zacks Investment Research cut shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 24th. Finally, Sandler O’Neill cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $28.19.
CUBI traded up $0.67 during midday trading on Monday, reaching $21.56. The company’s stock had a trading volume of 114,400 shares, compared to its average volume of 158,854. The firm has a market capitalization of $652.37 million, a price-to-earnings ratio of 8.87, a PEG ratio of 0.97 and a beta of 1.06. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.77. Customers Bancorp has a 1 year low of $16.72 and a 1 year high of $23.16. The stock’s 50-day moving average is $20.26 and its 200-day moving average is $20.36.
Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.04. The business had revenue of $64.68 million for the quarter, compared to analysts’ expectations of $64.51 million. Customers Bancorp had a net margin of 10.13% and a return on equity of 9.54%. The business’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.73 earnings per share. As a group, equities research analysts forecast that Customers Bancorp will post 2.15 earnings per share for the current fiscal year.
In other news, insider James T. Collins sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $20.61, for a total value of $113,355.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 9.54% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CUBI. Foundry Partners LLC bought a new position in shares of Customers Bancorp in the second quarter worth approximately $4,699,000. Aperio Group LLC lifted its position in Customers Bancorp by 2.5% during the second quarter. Aperio Group LLC now owns 27,444 shares of the bank’s stock valued at $576,000 after purchasing an additional 676 shares during the period. Chicago Equity Partners LLC bought a new position in Customers Bancorp during the second quarter valued at approximately $685,000. Wells Fargo & Company MN lifted its position in Customers Bancorp by 88.0% during the second quarter. Wells Fargo & Company MN now owns 426,630 shares of the bank’s stock valued at $8,959,000 after purchasing an additional 199,732 shares during the period. Finally, Bank of Montreal Can lifted its position in Customers Bancorp by 136.7% during the second quarter. Bank of Montreal Can now owns 4,059 shares of the bank’s stock valued at $85,000 after purchasing an additional 2,344 shares during the period. Hedge funds and other institutional investors own 79.88% of the company’s stock.
Customers Bancorp Company Profile
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 operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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