Customers Bancorp (NYSE:CUBI) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Customers Bancorp (NYSE:CUBI) from a sell rating to a hold rating in a research note released on Sunday.

A number of other research analysts have also recently issued reports on CUBI. Raymond James dropped their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. B. Riley increased their target price on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. Piper Sandler dropped their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Keefe, Bruyette & Woods cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $57.00 to $52.00 in a report on Monday, November 4th. Finally, Stephens increased their target price on shares of Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued 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 price target of $61.11.

Customers Bancorp Trading Down 0.7 %

NYSE CUBI opened at $56.45 on Friday. The stock has a market capitalization of $1.77 billion, a P/E ratio of 9.16 and a beta of 1.61. Customers Bancorp has a 52-week low of $42.31 and a 52-week high of $68.49. The firm has a 50-day moving average price of $49.30 and a 200 day moving average price of $49.82. 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 (NYSE:CUBI) last posted its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). The firm had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company’s revenue for the quarter was down 23.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.59 earnings per share. Equities research analysts expect that Customers Bancorp will post 5.63 EPS for the current year.

Insider Activity

In related news, Director Robert Neil Mackay sold 4,000 shares of the firm’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 transaction of $215,120.00. Following the sale, the director now owns 4,567 shares in the company, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the sale, the insider now owns 66,256 shares in the company, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock worth $5,425,815 over the last ninety days. 6.92% of the stock is currently owned by insiders.

Institutional Trading of Customers Bancorp

A number of hedge funds have recently bought and sold shares of CUBI. Dimensional Fund Advisors LP boosted 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 purchasing an additional 21,302 shares during the last quarter. Vanguard Group Inc. boosted 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 purchasing an additional 111,654 shares during the last quarter. State Street Corp boosted its holdings in shares of Customers Bancorp by 10.5% in the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock valued at $82,773,000 after purchasing an additional 169,982 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Customers Bancorp by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock valued at $31,924,000 after purchasing an additional 17,941 shares during the last quarter. Finally, American Century Companies Inc. raised its stake 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 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.