Customers Bancorp (NYSE:CUBI) Raised to Hold at StockNews.com

Customers Bancorp (NYSE:CUBI) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.

CUBI has been the topic of several other research reports. Piper Sandler cut their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Raymond James cut their price objective on shares of 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. Stephens boosted their price objective on shares of Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Hovde Group downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a research note on Friday, August 9th. Finally, Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.11.

Customers Bancorp Price Performance

NYSE CUBI opened at $54.87 on Friday. The company has a market cap of $1.72 billion, a PE ratio of 8.91 and a beta of 1.61. The firm’s 50 day moving average price is $47.84 and its 200-day moving average price is $49.28. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. Customers Bancorp has a 52-week low of $42.31 and a 52-week high of $68.49.

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

Insider Buying and Selling at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the transaction, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jay S. Sidhu sold 86,578 shares of Customers Bancorp stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $56.54, for a total value of $4,895,120.12. Following the sale, the chief executive officer now directly owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. This trade represents a 7.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 92,440 shares of company stock worth $5,210,695. 6.92% of the stock is owned by corporate insiders.

Institutional Trading of Customers Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in Customers Bancorp by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock valued at $107,575,000 after purchasing an additional 21,302 shares during the period. Vanguard Group Inc. lifted 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 buying an additional 111,654 shares during the period. State Street Corp boosted its stake in shares of Customers Bancorp by 10.5% in the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after buying an additional 169,982 shares during the last quarter. Geode Capital Management LLC grew its holdings in Customers Bancorp by 2.7% during the third quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after acquiring an additional 17,941 shares during the period. Finally, American Century Companies Inc. raised its position in Customers Bancorp by 14.6% during the second 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. Institutional investors and hedge funds 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.