Piper Sandler Has Lowered Expectations for Customers Bancorp (NYSE:CUBI) Stock Price

Customers Bancorp (NYSE:CUBI) had its price target lowered by equities research analysts at Piper Sandler from $61.00 to $55.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 18.38% from the stock’s previous close.

Other analysts also recently issued reports about the company. Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their target price for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. Raymond James cut their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and cut their target price for the company from $57.00 to $52.00 in a research report on Monday. B. Riley boosted 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. Finally, DA Davidson boosted their price target on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Customers Bancorp currently has a consensus rating of “Hold” and a consensus price target of $61.88.

Customers Bancorp Stock Performance

CUBI opened at $46.46 on Monday. The business has a fifty day simple moving average of $47.16 and a 200 day simple moving average of $48.93. The company has a market capitalization of $1.47 billion, a PE ratio of 7.41 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp has a 1 year low of $40.61 and a 1 year high of $68.49.

Customers Bancorp (NYSE:CUBI) last released 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). The company had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The business’s revenue was down 23.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.59 earnings per share. Research analysts expect that Customers Bancorp will post 6.11 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Samvir S. Sidhu bought 2,500 shares of the stock in a transaction on Tuesday, August 13th. The stock was acquired at an average price of $45.53 per share, with a total value of $113,825.00. Following the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in Customers Bancorp by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock worth $107,575,000 after purchasing an additional 21,302 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Customers Bancorp by 5.4% in the first 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. American Century Companies Inc. increased its stake 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 valued at $32,954,000 after buying an additional 87,557 shares during the period. Hood River Capital Management LLC increased its stake in shares of Customers Bancorp by 94.3% in the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after buying an additional 266,462 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after buying an additional 225,785 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.

About Customers Bancorp

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.