Customers Bancorp (NYSE:CUBI) Stock Price Target Cut by TD Cowen

Customers Bancorp (NYSE:CUBI) had its price objective reduced by stock analysts at TD Cowen from $94.00 to $91.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. TD Cowen’s price objective suggests a potential upside of 21.34% from the company’s current price.

CUBI has been the topic of a number of other reports. Piper Sandler raised their target price on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Fundamental Research set a $94.00 price target on Customers Bancorp in a report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research report on Friday, September 25th. JPMorgan Chase & Co. dropped their price objective on Customers Bancorp from $96.00 to $92.00 and set an “overweight” rating on the stock in a report on Thursday, October 1st. Finally, DA Davidson boosted their price objective on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.82.

Customers Bancorp Stock Performance

CUBI opened at $75.00 on Monday. 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 firm has a fifty day moving average price of $78.96 and a 200 day moving average price of $76.50. Customers Bancorp has a 1 year low of $59.34 and a 1 year high of $84.38. The stock has a market cap of $2.53 billion, a P/E ratio of 9.15 and a beta of 1.52.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, beating the consensus estimate of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The company had revenue of $227.28 million for the quarter, compared to analyst estimates of $229.24 million. During the same quarter last year, the business earned $1.80 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. Equities research analysts anticipate that Customers Bancorp will post 8.44 earnings per share for the current year.

Insider Activity at Customers Bancorp

In related news, Chairman Jay Sidhu sold 68,821 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were 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 $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 100,000 shares of company stock worth $7,981,084 over the last three months. 10.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Customers Bancorp

Several institutional investors have recently bought and sold shares of CUBI. Summit Global Investments purchased a new position in Customers Bancorp during the second quarter worth approximately $1,016,000. Louisiana State Employees Retirement System acquired a new position in shares of Customers Bancorp during the 1st quarter valued at about $979,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Customers Bancorp in the second quarter valued at about $1,618,000. Jupiter Topco LLC purchased a new stake in shares of Customers Bancorp in the second quarter valued at about $1,244,000. Finally, Emerald Mutual Fund Advisers Trust increased its position in Customers Bancorp by 14.1% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 242,313 shares of the bank’s stock worth $16,819,000 after purchasing an additional 29,956 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Company Profile

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.