Customers Bancorp (NYSE:CUBI) Price Target Cut to $70.00

Customers Bancorp (NYSE:CUBI) had its price objective reduced by Raymond James from $80.00 to $70.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a strong-buy rating on the bank’s stock.

Several other equities research analysts have also commented on CUBI. Hovde Group lowered Customers Bancorp from an outperform rating to a market perform rating and set a $49.00 price target on the stock. in a research note on Friday, August 9th. Jefferies Financial Group decreased their target price on Customers Bancorp from $59.00 to $57.00 and set a buy rating on the stock in a research report on Wednesday, July 3rd. DA Davidson raised their price target on Customers Bancorp from $71.00 to $79.00 and gave the company a buy rating in a research report on Monday, July 29th. B. Riley boosted their price objective on shares of Customers Bancorp from $77.00 to $78.00 and gave the stock a buy rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods lowered their price objective 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. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $62.00.

Customers Bancorp Trading Up 0.7 %

NYSE CUBI opened at $45.34 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $1.43 billion, a P/E ratio of 6.33 and a beta of 1.61. Customers Bancorp has a 52-week low of $31.16 and a 52-week high of $68.49. The firm has a 50-day moving average price of $49.63 and a 200 day moving average price of $49.62.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $184.40 million. During the same period in the prior year, the company posted $1.65 EPS. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts expect that Customers Bancorp will post 6.34 EPS for the current year.

Insider Activity at Customers Bancorp

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, for a total transaction of $113,825.00. Following the acquisition, the chief executive officer now owns 144,504 shares in the company, valued at approximately $6,579,267.12. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in Customers Bancorp by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock worth $107,575,000 after purchasing an additional 21,302 shares during the period. Vanguard Group Inc. increased its holdings 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 worth $116,038,000 after buying an additional 111,654 shares during the last quarter. American Century Companies Inc. raised its position in shares of Customers Bancorp by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock worth $32,954,000 after buying an additional 87,557 shares during the period. Hood River Capital Management LLC boosted its holdings in Customers Bancorp by 94.3% in the second 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 last quarter. Finally, Bank of New York Mellon Corp grew its position in Customers Bancorp by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 261,907 shares of the bank’s stock valued at $12,566,000 after acquiring an additional 829 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

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.