Customers Bancorp (NYSE:CUBI) Price Target Raised to $100.00

Customers Bancorp (NYSE:CUBI) had its target price boosted by DA Davidson from $98.00 to $100.00 in a research note released on Monday morning, MarketBeat.com reports. The firm currently has a buy rating on the bank’s stock.

Other analysts have also recently issued reports about the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research report on Monday, June 29th. Morgan Stanley raised their price objective on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. upped their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Piper Sandler increased their target price on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.15.

Customers Bancorp Trading Down 1.5%

CUBI stock opened at $78.42 on Monday. Customers Bancorp has a 12-month low of $59.34 and a 12-month high of $82.56. The business’s 50-day moving average is $76.71 and its 200 day moving average is $74.52. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 9.56 and a beta of 1.48.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.05. The business had revenue of $227.28 million during the quarter, compared to analysts’ expectations of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.80 earnings per share. On average, sell-side analysts anticipate that Customers Bancorp will post 8.36 EPS for the current fiscal year.

Insider Transactions at Customers Bancorp

In related news, EVP Philip Watkins sold 3,000 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $75.67, for a total value of $227,010.00. Following the completion of the sale, the executive vice president owned 43,993 shares of the company’s stock, valued at approximately $3,328,950.31. This represents a 6.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Jay S. Sidhu sold 60,315 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the sale, the chairman owned 767,557 shares of the company’s stock, valued at approximately $58,510,870.11. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 10.45% of the company’s stock.

Institutional Trading of Customers Bancorp

Several hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Customers Bancorp by 3,074.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock valued at $63,732,000 after buying an additional 844,141 shares during the period. Assenagon Asset Management S.A. grew its position in Customers Bancorp by 213.0% in the first quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock worth $54,056,000 after acquiring an additional 529,987 shares during the period. Anatole Investment Management Ltd acquired a new stake in Customers Bancorp during the second quarter worth $17,593,000. Millennium Management LLC increased its stake in Customers Bancorp by 448.8% during the third quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock worth $21,427,000 after acquiring an additional 268,056 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Customers Bancorp by 247,273.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock valued at $16,279,000 after purchasing an additional 222,546 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

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.