Customers Bancorp (NYSE:CUBI) Coverage Initiated at Piper Sandler

Analysts at Piper Sandler assumed coverage on shares of Customers Bancorp (NYSE:CUBI) in a note issued to investors on Thursday. The brokerage set an “overweight” rating and a $82.00 price target on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 24.19% from the stock’s current price.

Other research analysts have also issued reports about the stock. Zacks Research lowered shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. began coverage on shares of Customers Bancorp in a research report on Friday, March 6th. They set an “overweight” rating and a $90.00 price objective on the stock. Morgan Stanley boosted their target price on Customers Bancorp from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday, March 2nd. TD Cowen reissued a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Finally, Maxim Group set a $100.00 target price on Customers Bancorp in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $87.67.

Customers Bancorp Trading Down 0.9%

Shares of CUBI stock traded down $0.61 during mid-day trading on Thursday, hitting $66.03. The company’s stock had a trading volume of 74,758 shares, compared to its average volume of 400,825. The company has a market cap of $2.26 billion, a PE ratio of 10.67 and a beta of 1.66. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00. The company’s fifty day simple moving average is $74.36 and its 200-day simple moving average is $70.62. Customers Bancorp has a 52 week low of $40.75 and a 52 week high of $82.56.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, January 22nd. The bank reported $2.06 EPS for the quarter, topping the consensus estimate of $2.04 by $0.02. The business had revenue of $236.90 million during the quarter, compared to analysts’ expectations of $200.38 million. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.During the same quarter last year, the firm posted $1.36 earnings per share. As a group, equities research analysts expect that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.

Customers Bancorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Access Investment Management LLC grew its stake in shares of Customers Bancorp by 15.7% in the 3rd quarter. Access Investment Management LLC now owns 132,415 shares of the bank’s stock worth $8,656,000 after acquiring an additional 18,000 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Customers Bancorp by 29.0% during the third quarter. Assenagon Asset Management S.A. now owns 290,919 shares of the bank’s stock valued at $19,017,000 after purchasing an additional 65,382 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Customers Bancorp by 23.4% during the third quarter. Principal Financial Group Inc. now owns 179,762 shares of the bank’s stock worth $11,751,000 after purchasing an additional 34,081 shares during the last quarter. EJF Capital LLC purchased a new position in Customers Bancorp during the third quarter worth about $1,711,000. Finally, Allspring Global Investments Holdings LLC grew its position in Customers Bancorp by 7.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 398,723 shares of the bank’s stock worth $25,718,000 after purchasing an additional 28,928 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

About Customers Bancorp

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.