Customers Bancorp (NYSE:CUBI) Upgraded at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Customers Bancorp (NYSE:CUBI – Free Report) from a hold rating to a buy rating in a research note published on Saturday.

CUBI has been the subject of a number of other research reports. Hovde Group lifted their price target on Customers Bancorp from $70.00 to $75.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. Zacks Research cut Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Stephens lifted their target price on Customers Bancorp from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods lifted their price objective on shares of Customers Bancorp from $76.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday, October 27th. Finally, TD Cowen increased their price objective on shares of Customers Bancorp from $89.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $84.80.

Read Our Latest Stock Report on CUBI

Customers Bancorp Stock Performance

CUBI opened at $78.53 on Friday. The business’s 50-day simple moving average is $72.55 and its 200 day simple moving average is $68.27. Customers Bancorp has a 52-week low of $40.75 and a 52-week high of $79.99. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $2.68 billion, a PE ratio of 15.93 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI – Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The bank reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.30. The company had revenue of $231.77 million for the quarter, compared to analysts’ expectations of $185.10 million. Customers Bancorp had a return on equity of 13.24% and a net margin of 12.43%.During the same quarter in the prior year, the business posted $1.34 EPS. As a group, sell-side analysts expect that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.

Insider Activity at Customers Bancorp

In related news, EVP Philip Watkins sold 2,900 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $65.04, for a total transaction of $188,616.00. Following the completion of the sale, the executive vice president owned 50,849 shares of the company’s stock, valued at $3,307,218.96. This represents a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jay S. Sidhu sold 128,185 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $69.43, for a total transaction of $8,899,884.55. Following the completion of the transaction, the chief executive officer owned 790,031 shares of the company’s stock, valued at $54,851,852.33. The trade was a 13.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 211,900 shares of company stock valued at $14,595,664 over the last quarter. 6.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Customers Bancorp

A number of large investors have recently modified their holdings of CUBI. Royal Bank of Canada lifted its position in shares of Customers Bancorp by 11.5% during the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock worth $269,000 after buying an additional 553 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Customers Bancorp by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock valued at $885,000 after purchasing an additional 786 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Customers Bancorp by 71.4% during the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock valued at $13,791,000 after purchasing an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Customers Bancorp in the 1st quarter valued at approximately $37,000. Finally, Voya Investment Management LLC boosted its position in Customers Bancorp by 30.9% in the first quarter. Voya Investment Management LLC now owns 24,741 shares of the bank’s stock valued at $1,242,000 after buying an additional 5,835 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

About Customers Bancorp

(Get Free Report)

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.

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