JPMorgan Chase & Co. Cuts Customers Bancorp (NYSE:CUBI) Price Target to $92.00

Customers Bancorp (NYSE:CUBI) had its price objective lowered by JPMorgan Chase & Co. from $96.00 to $92.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other equities analysts have also recently commented on the stock. Morgan Stanley cut shares of Customers Bancorp from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $88.00 to $89.00 in a research report on Tuesday, September 8th. Fundamental Research set a $94.00 target price on Customers Bancorp in a report on Wednesday, July 1st. Keefe, Bruyette & Woods increased their price target on Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Piper Sandler lifted their price target on Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, DA Davidson boosted their price objective on Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.18.

Customers Bancorp Price Performance

CUBI opened at $75.47 on Thursday. 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 $2.55 billion, a price-to-earnings ratio of 9.20 and a beta of 1.52. The firm’s fifty day moving average price is $79.11 and its two-hundred day moving average price is $76.30. Customers Bancorp has a 1 year low of $59.34 and a 1 year high of $84.38.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.05. The firm had revenue of $227.28 million during the quarter, compared to analyst estimates of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.80 EPS. As a group, analysts anticipate that Customers Bancorp will post 8.44 earnings per share for the current fiscal year.

Insider Transactions at Customers Bancorp

In other news, Chairman Jay Sidhu sold 68,821 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the transaction, the chairman owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 100,000 shares of company stock valued at $7,981,084 over the last three months. Company insiders own 10.45% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. raised its position in shares of Customers Bancorp by 6.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,104 shares of the bank’s stock valued at $562,000 after purchasing an additional 461 shares during the period. WINTON GROUP Ltd grew its stake in Customers Bancorp by 43.7% in the 2nd quarter. WINTON GROUP Ltd now owns 29,848 shares of the bank’s stock valued at $2,361,000 after buying an additional 9,073 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Customers Bancorp in the 2nd quarter valued at approximately $71,000. Squarepoint Ops LLC raised its holdings in Customers Bancorp by 39.9% during the 2nd quarter. Squarepoint Ops LLC now owns 137,530 shares of the bank’s stock valued at $10,879,000 after acquiring an additional 39,215 shares during the period. Finally, Arcus Capital Partners LLC raised its holdings in Customers Bancorp by 20.3% during the 2nd quarter. Arcus Capital Partners LLC now owns 11,276 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,899 shares during the period. Institutional investors own 89.29% of the company’s stock.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company whose principal subsidiary, Customers Bank, provides commercial and consumer banking services. The bank offers deposit accounts, commercial and residential real estate lending, business loans, equipment financing, consumer loans and other credit products. It also provides treasury management, payment and cash-management services for business and institutional customers.

Customers Bank focuses on serving small and mid-sized businesses, entrepreneurs, professionals, consumers and select institutional clients.