Raymond James Lowers Customers Bancorp (NYSE:CUBI) Price Target to $70.00

Customers Bancorp (NYSE:CUBI) had its target price cut by investment analysts at Raymond James from $80.00 to $70.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “strong-buy” rating on the bank’s stock. Raymond James’ price target indicates a potential upside of 58.26% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Jefferies Financial Group cut their price target on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. B. Riley lifted their price target on Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, July 29th. DA Davidson boosted their price objective on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Customers Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Customers Bancorp Trading Down 0.3 %

NYSE CUBI traded down $0.12 on Wednesday, hitting $44.23. The company’s stock had a trading volume of 84,653 shares, compared to its average volume of 363,414. 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 1-year low of $31.16 and a 1-year high of $68.49. The company’s 50-day moving average is $51.15 and its 200 day moving average is $49.77. The firm has a market cap of $1.39 billion, a PE ratio of 6.16 and a beta of 1.62.

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

Insider Activity at Customers Bancorp

In other Customers Bancorp news, CEO Samvir S. Sidhu purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average cost of $45.53 per share, for a total transaction of $113,825.00. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Customers Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of CUBI. Dimensional Fund Advisors LP raised its holdings in shares of Customers Bancorp by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock valued at $107,575,000 after acquiring an additional 21,302 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Customers Bancorp by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock valued at $116,038,000 after acquiring an additional 111,654 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Customers Bancorp by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after acquiring an additional 87,557 shares in the last quarter. 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 valued at $26,344,000 after acquiring an additional 266,462 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Customers Bancorp by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 261,907 shares of the bank’s stock valued at $12,566,000 after acquiring an additional 829 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.

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.