Customers Bancorp (NYSE:CUBI) Lowered to “Market Perform” Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods lowered shares of Customers Bancorp (NYSE:CUBI) from an outperform rating to a market perform rating in a report released on Monday, MarketBeat.com reports. Keefe, Bruyette & Woods currently has $52.00 price target on the bank’s stock, down from their prior price target of $57.00.

CUBI has been the subject of a number of other reports. DA Davidson lifted their price target on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price on the stock. in a research report on Friday, August 9th. Raymond James lowered their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 2nd. Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Finally, B. Riley increased their price objective on shares of Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $61.88.

Customers Bancorp Stock Performance

NYSE CUBI opened at $45.66 on Monday. Customers Bancorp has a 52-week low of $40.61 and a 52-week high of $68.49. The business’s 50-day moving average price is $47.26 and its 200 day moving average price is $48.94. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. The firm has a market cap of $1.45 billion, a P/E ratio of 7.41 and a beta of 1.61.

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 the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The firm had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $191.61 million. During the same period in the prior year, the company earned $2.59 earnings per share. The company’s revenue for the quarter was down 23.2% on a year-over-year basis. On average, equities research analysts expect that Customers Bancorp will post 6.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Samvir S. Sidhu bought 2,500 shares of the stock in a transaction on Tuesday, August 13th. The stock was purchased at an average cost of $45.53 per share, with a total value of $113,825.00. Following the purchase, the chief executive officer now owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 6.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of large investors have recently bought and sold shares of CUBI. CWM LLC raised its position in shares of Customers Bancorp by 14.2% in the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after buying an additional 274 shares during the period. GAMMA Investing LLC raised its holdings in shares of Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after purchasing an additional 282 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of Customers Bancorp by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock valued at $686,000 after purchasing an additional 300 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Customers Bancorp by 1.7% during the 2nd quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank’s stock worth $994,000 after purchasing an additional 341 shares during the period. Finally, Texas Permanent School Fund Corp raised its holdings in Customers Bancorp by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 24,765 shares of the bank’s stock valued at $1,314,000 after buying an additional 353 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

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.