Customers Bancorp (NYSE:CUBI) Price Target Raised to $80.00

Customers Bancorp (NYSE:CUBI) had its price target raised by Maxim Group from $75.00 to $80.00 in a research report sent to investors on Monday morning,Benzinga reports. Maxim Group currently has a buy rating on the bank’s stock.

Several other equities analysts have also commented on the stock. B. Riley raised their target price on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. DA Davidson lifted their price objective on shares of Customers Bancorp from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Monday. Raymond James cut their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Finally, Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Customers Bancorp in a research report on Friday, January 24th. Six analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and an average price target of $64.00.

Customers Bancorp Trading Up 0.7 %

Shares of NYSE:CUBI opened at $57.41 on Monday. The business’s 50 day simple moving average is $51.63 and its 200 day simple moving average is $51.08. Customers Bancorp has a 1 year low of $42.31 and a 1 year high of $68.49. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The company has a market capitalization of $1.80 billion, a P/E ratio of 9.32 and a beta of 1.68.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.15. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. On average, research analysts anticipate that Customers Bancorp will post 5.63 EPS for the current fiscal year.

Insider Activity

In other news, CEO Jay S. Sidhu sold 86,578 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $56.54, for a total value of $4,895,120.12. Following the completion of the sale, the chief executive officer now owns 1,090,598 shares of the company’s stock, 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 SEC, which is accessible through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 directly owns 66,256 shares in the company, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,440 shares of company stock valued at $5,425,815 over the last quarter. 6.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Intech Investment Management LLC boosted its stake in shares of Customers Bancorp by 74.2% in the 3rd quarter. Intech Investment Management LLC now owns 25,349 shares of the bank’s stock valued at $1,177,000 after purchasing an additional 10,797 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Customers Bancorp by 117.9% during the third quarter. BNP Paribas Financial Markets now owns 40,425 shares of the bank’s stock valued at $1,878,000 after acquiring an additional 21,871 shares during the last quarter. Walleye Capital LLC grew its holdings in Customers Bancorp by 536.3% during the 3rd quarter. Walleye Capital LLC now owns 38,450 shares of the bank’s stock worth $1,786,000 after acquiring an additional 32,407 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Customers Bancorp by 88.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after acquiring an additional 225,785 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Customers Bancorp by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank’s stock valued at $23,665,000 after purchasing an additional 12,000 shares during the period. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

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.