StockNews.com Upgrades Customers Bancorp (NYSE:CUBI) to “Hold”

Customers Bancorp (NYSE:CUBI) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Sunday.

Other analysts also recently issued research reports about the stock. Piper Sandler dropped their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Raymond James dropped their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. Hovde Group lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price on the stock. in a report on Friday, August 9th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $57.00 to $52.00 in a report on Monday, November 4th. Finally, Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and an average price target of $61.11.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $55.63 on Friday. The company has a market cap of $1.74 billion, a P/E ratio of 9.16 and a beta of 1.61. The firm’s 50 day moving average is $49.30 and its two-hundred day moving average is $49.83. Customers Bancorp has a fifty-two week low of $42.31 and a fifty-two week high of $68.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last issued its 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 return on equity of 13.55% and a net margin of 15.22%. The firm had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. During the same period last year, the business posted $2.59 earnings per share. The company’s quarterly revenue was down 23.2% compared to the same quarter last year. Analysts expect that Customers Bancorp will post 5.63 EPS for the current year.

Insider Transactions at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the sale, the insider now owns 66,256 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total transaction of $215,120.00. Following the completion of the sale, the director now directly owns 4,567 shares in the company, valued at $245,613.26. This represents a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,440 shares of company stock valued at $5,425,815. 6.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Customers Bancorp

Hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in shares of Customers Bancorp by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock worth $107,575,000 after acquiring an additional 21,302 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Customers Bancorp by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock valued at $116,038,000 after acquiring an additional 111,654 shares in the last quarter. State Street Corp lifted its stake in Customers Bancorp by 10.5% during the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after purchasing an additional 169,982 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Customers Bancorp by 2.7% in the third quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after purchasing an additional 17,941 shares during the period. Finally, American Century Companies Inc. increased its stake in Customers Bancorp by 14.6% during the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after purchasing an additional 87,557 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.