Customers Bancorp (NYSE:CUBI) Price Target Raised to $100.00

Customers Bancorp (NYSE:CUBI) had its price target upped by equities researchers at DA Davidson from $98.00 to $100.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s target price suggests a potential upside of 28.25% from the company’s previous close.

Other research analysts have also issued research reports about the company. Fundamental Research set a $94.00 price objective on Customers Bancorp in a report on Wednesday, July 1st. Morgan Stanley upped their target price on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. boosted their price target on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Hovde Group raised their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. Finally, Piper Sandler upped their price objective on Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Customers Bancorp has an average rating of “Moderate Buy” and a consensus target price of $90.15.

Customers Bancorp Stock Up 1.9%

Shares of NYSE CUBI traded up $1.46 during trading on Monday, hitting $77.97. The stock had a trading volume of 48,454 shares, compared to its average volume of 365,479. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $2.64 billion, a PE ratio of 9.51 and a beta of 1.48. The firm has a fifty day moving average of $76.40 and a two-hundred day moving average of $74.51. Customers Bancorp has a 12 month low of $59.34 and a 12 month high of $82.56.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. During the same quarter in the prior year, the company earned $1.80 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts forecast that Customers Bancorp will post 8.37 EPS for the current fiscal year.

Insider Transactions at Customers Bancorp

In related news, CEO Samvir S. Sidhu purchased 1,000 shares of Customers Bancorp stock in a transaction dated Tuesday, May 12th. The stock was bought at an average cost of $72.58 per share, with a total value of $72,580.00. Following the purchase, the chief executive officer owned 521,714 shares in the company, valued at approximately $37,866,002.12. The trade was a 0.19% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Philip Watkins sold 3,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $75.67, for a total value of $227,010.00. Following the completion of the transaction, the executive vice president directly owned 43,993 shares in the company, valued at approximately $3,328,950.31. The trade was a 6.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 10.45% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds have recently bought and sold shares of CUBI. Price T Rowe Associates Inc. MD grew its position in Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock valued at $63,732,000 after acquiring an additional 844,141 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Customers Bancorp by 213.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock worth $54,056,000 after purchasing an additional 529,987 shares in the last quarter. Anatole Investment Management Ltd purchased a new stake in Customers Bancorp during the 2nd quarter worth approximately $17,593,000. Millennium Management LLC grew its holdings in shares of Customers Bancorp by 448.8% during the third quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock valued at $21,427,000 after purchasing an additional 268,056 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Customers Bancorp by 247,273.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock valued at $16,279,000 after acquiring an additional 222,546 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

About Customers Bancorp

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.