Piper Sandler Cuts Customers Bancorp (NYSE:CUBI) Price Target to $55.00

Customers Bancorp (NYSE:CUBI) had its price target reduced by equities researchers at Piper Sandler from $61.00 to $55.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 18.51% from the company’s current price.

CUBI has been the subject of a number of other reports. Wedbush cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Hovde Group lowered Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a report on Friday, August 9th. Raymond James dropped 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. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $57.00 to $52.00 in a report on Monday. Finally, DA Davidson raised their price objective on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.63.

Customers Bancorp Stock Up 1.6 %

Shares of CUBI traded up $0.73 during trading hours on Monday, hitting $46.41. The stock had a trading volume of 119,277 shares, compared to its average volume of 363,122. The firm has a 50 day simple moving average of $47.26 and a 200-day simple moving average of $48.94. Customers Bancorp has a 1-year low of $40.61 and a 1-year high of $68.49. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.93 and a quick ratio of 0.91. The firm has a market capitalization of $1.47 billion, a P/E ratio of 7.52 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 EPS 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 13.79%. The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the prior year, the firm earned $2.59 EPS. The company’s revenue was down 23.2% compared to the same quarter last year. Sell-side analysts predict that Customers Bancorp will post 6.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Customers Bancorp news, CEO Samvir S. Sidhu bought 2,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 144,504 shares in the company, valued at $6,579,267.12. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of CUBI. Ridgewood Investments LLC purchased a new position in shares of Customers Bancorp in the second quarter worth about $48,000. Innealta Capital LLC purchased a new position in Customers Bancorp in the 2nd quarter valued at approximately $74,000. GAMMA Investing LLC raised its holdings in Customers Bancorp by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after acquiring an additional 282 shares during the period. CWM LLC lifted its position in shares of Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after acquiring an additional 274 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Customers Bancorp in the second quarter worth $151,000. 89.29% of the stock is owned by institutional investors.

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.