Stephens Increases Customers Bancorp (NYSE:CUBI) Price Target to $55.00

Customers Bancorp (NYSE:CUBI) had its target price increased by Stephens from $53.00 to $55.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Other equities research analysts also recently issued reports about the stock. Hovde Group downgraded 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 report on Friday, August 9th. DA Davidson raised their price target on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Raymond James lowered their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. Piper Sandler cut their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $61.11.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $55.09 on Monday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 8.94 and a beta of 1.61. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. Customers Bancorp has a 52 week low of $42.31 and a 52 week high of $68.49. The company has a fifty day simple moving average of $47.70 and a two-hundred day simple moving average of $49.21.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The company had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. During the same period in the prior year, the business earned $2.59 EPS. Customers Bancorp’s revenue for the quarter was down 23.2% on a year-over-year basis. As a group, equities analysts anticipate that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Transactions at Customers Bancorp

In other news, CEO Jay S. Sidhu sold 86,578 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of the sale, the chief executive officer now owns 1,090,598 shares in the company, valued at approximately $61,662,410.92. This represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the transaction, the insider now owns 66,256 shares in the company, valued at $3,556,622.08. This trade represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 92,440 shares of company stock worth $5,210,695. Insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Basswood Capital Management L.L.C. acquired a new stake in shares of Customers Bancorp during the third quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in shares of Customers Bancorp in the second quarter valued at about $48,000. Innealta Capital LLC acquired a new position in shares of Customers Bancorp during the second quarter worth about $74,000. GAMMA Investing LLC raised its holdings in Customers Bancorp by 21.7% during the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after purchasing an additional 282 shares in the last quarter. Finally, Quest Partners LLC lifted its position in Customers Bancorp by 143.4% in the third quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock valued at $76,000 after purchasing an additional 962 shares during the period. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

About Customers Bancorp

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.