Customers Bancorp, Inc. (NYSE:CUBI) Receives $61.11 Average Target Price from Analysts

Customers Bancorp, Inc. (NYSE:CUBI) has earned an average rating of “Moderate Buy” from the nine ratings firms that are covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $61.11.

Several brokerages recently weighed in on CUBI. Piper Sandler reduced their price target on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Keefe, Bruyette & Woods cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $57.00 to $52.00 in a research report on Monday, November 4th. StockNews.com lowered Customers Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Raymond James decreased their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. Finally, B. Riley lifted their target price on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th.

Insider Buying and Selling

In other news, insider Glenn Hedde sold 5,002 shares of Customers Bancorp 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. The trade was a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Neil Mackay sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the sale, the director now owns 4,567 shares of the company’s stock, valued at $245,613.26. The trade was a 46.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 96,440 shares of company stock valued at $5,425,815. Insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several institutional investors have recently made changes to their positions in CUBI. Basswood Capital Management L.L.C. bought a new stake in Customers Bancorp during the third quarter valued at about $26,000. Ridgewood Investments LLC purchased a new position in shares of Customers Bancorp in the 2nd quarter worth approximately $48,000. Innealta Capital LLC bought a new position in shares of Customers Bancorp during the 2nd quarter worth approximately $74,000. GAMMA Investing LLC lifted its position in Customers Bancorp by 21.7% during the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after acquiring an additional 282 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in Customers Bancorp by 143.4% in the third quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock valued at $76,000 after acquiring an additional 962 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Up 1.5 %

Shares of CUBI stock opened at $56.11 on Friday. The stock has a market cap of $1.76 billion, a P/E ratio of 9.11 and a beta of 1.61. The company’s fifty day simple moving average is $48.47 and its two-hundred day simple moving average is $49.55. 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 has a 52 week low of $42.31 and a 52 week high of $68.49.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. During the same period in the previous year, the company posted $2.59 earnings per share. Customers Bancorp’s quarterly revenue was down 23.2% on a year-over-year basis. Analysts predict that Customers Bancorp will post 5.63 EPS for the current fiscal year.

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.