Brokerages Set Customers Bancorp, Inc. (NYSE:CUBI) Target Price at $65.50

Customers Bancorp, Inc. (NYSE:CUBI) has earned an average rating of “Moderate Buy” from the eight analysts that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $65.50.

Several research firms have recently weighed in on CUBI. B. Riley raised their price target on shares of Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Wedbush raised their price target on shares of Customers Bancorp from $56.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods decreased their price target on shares of Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. DA Davidson raised their price target on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Jefferies Financial Group decreased their price target on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd.

Customers Bancorp Stock Down 1.8 %

Shares of NYSE CUBI opened at $47.80 on Wednesday. The company’s 50-day simple moving average is $52.24 and its 200-day simple moving average is $50.64. Customers Bancorp has a 52-week low of $31.16 and a 52-week high of $68.49. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 6.66 and a beta of 1.65. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.06. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The business had revenue of $198.69 million for the quarter, compared to analyst estimates of $184.40 million. During the same quarter last year, the business earned $1.65 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities analysts predict that Customers Bancorp will post 6.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Samvir S. Sidhu bought 2,500 shares of Customers Bancorp stock in a transaction on Tuesday, August 13th. The shares were bought at an average cost of $45.53 per share, with a total value of $113,825.00. Following the completion of the purchase, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at $6,579,267.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in CUBI. Access Investment Management LLC purchased a new stake in shares of Customers Bancorp in the 4th quarter valued at approximately $16,194,000. Hood River Capital Management LLC raised its stake in shares of Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after acquiring an additional 266,462 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Customers Bancorp by 252.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after acquiring an additional 181,819 shares during the period. Peregrine Capital Management LLC acquired a new position in shares of Customers Bancorp in the second quarter valued at approximately $7,690,000. Finally, Federated Hermes Inc. grew its holdings in shares of Customers Bancorp by 3,784.1% in the fourth quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock valued at $7,963,000 after purchasing an additional 134,638 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

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.