Customers Bancorp (NYSE:CUBI) Lowered to Neutral at Wedbush

Wedbush lowered shares of Customers Bancorp (NYSE:CUBI) from an outperform rating to a neutral rating in a report published on Tuesday morning, Marketbeat Ratings reports. They currently have $53.00 target price on the bank’s stock, down from their prior target price of $79.00.

Other equities analysts have also recently issued research reports about the stock. DA Davidson lifted their target price on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a buy rating in a research report on Monday, July 29th. B. Riley upped their target price on Customers Bancorp from $77.00 to $78.00 and gave the company a buy rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lowered their target price on Customers Bancorp from $76.00 to $63.00 and set an outperform rating on the stock in a report on Friday, August 9th. Hovde Group cut Customers Bancorp from an outperform rating to a market perform rating and set a $49.00 price target for the company. in a report on Friday, August 9th. Finally, Jefferies Financial Group reduced their price objective 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. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Customers Bancorp currently has a consensus rating of Moderate Buy and an average target price of $62.25.

Customers Bancorp Stock Performance

Shares of CUBI opened at $45.83 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75. Customers Bancorp has a 52-week low of $31.16 and a 52-week high of $68.49. The company has a 50-day simple moving average of $52.48 and a 200-day simple moving average of $49.96. The company has a market capitalization of $1.44 billion, a PE ratio of 6.40 and a beta of 1.62.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.06. The company had revenue of $198.69 million during the quarter, compared to analysts’ expectations of $184.40 million. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company posted $1.65 earnings per share. Equities research analysts predict that Customers Bancorp will post 6.34 earnings per share for the current fiscal year.

Insider Transactions at Customers Bancorp

In other Customers Bancorp news, CEO Samvir S. Sidhu bought 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $45.53 per share, for a total transaction of $113,825.00. Following the completion of the purchase, the chief executive officer now owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors have recently bought and sold shares of CUBI. Hood River Capital Management LLC raised its holdings in shares of Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after purchasing an additional 266,462 shares during the period. Assenagon Asset Management S.A. raised its holdings in Customers Bancorp by 252.1% in the second quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after buying an additional 181,819 shares during the period. Peregrine Capital Management LLC acquired a new position in Customers Bancorp during the second quarter valued at approximately $7,690,000. Vanguard Group Inc. grew its stake in Customers Bancorp by 5.4% during the first 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 period. Finally, American Century Companies Inc. increased its position in shares of Customers Bancorp by 14.6% in the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock worth $32,954,000 after acquiring an additional 87,557 shares in the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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.