Customers Bancorp, Inc. (NYSE:CUBI) Given Average Recommendation of “Moderate Buy” by Brokerages

Customers Bancorp, Inc. (NYSE:CUBI) has been assigned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, Marketbeat reports. Five analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $62.22.

A number of equities analysts have issued reports on CUBI shares. B. Riley increased their target price on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. Raymond James cut their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, October 2nd. Piper Sandler reduced their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Stephens lifted their price objective on shares of Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, November 11th.

Insider Buying and Selling

In related news, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the transaction, the insider now owns 66,256 shares in the company, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Neil Mackay sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now directly owns 4,567 shares in the company, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,440 shares of company stock worth $5,425,815. Insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new position in shares of Customers Bancorp in the second quarter valued at about $698,000. Thrivent Financial for Lutherans raised its holdings in Customers Bancorp by 26.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 71,473 shares of the bank’s stock valued at $3,429,000 after acquiring an additional 15,011 shares during the period. Denali Advisors LLC raised its holdings in Customers Bancorp by 37.0% in the 2nd quarter. Denali Advisors LLC now owns 47,044 shares of the bank’s stock valued at $2,257,000 after acquiring an additional 12,700 shares during the period. BNP Paribas Financial Markets lifted 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 worth $1,878,000 after acquiring an additional 21,871 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Customers Bancorp by 14.6% during the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock worth $32,954,000 after acquiring an additional 87,557 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.

Customers Bancorp Trading Up 3.0 %

NYSE CUBI opened at $48.91 on Friday. The stock’s 50-day moving average is $51.95 and its 200-day moving average is $50.90. Customers Bancorp has a one year low of $42.31 and a one 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 firm has a market cap of $1.53 billion, a P/E ratio of 7.94 and a beta of 1.65.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate 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 quarter last year, the company earned $2.59 EPS. The firm’s quarterly revenue was down 23.2% compared to the same quarter last year. Sell-side analysts anticipate that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

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.