Customers Bancorp (NYSE:CUBI) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Customers Bancorp (NYSE:CUBI) from a buy rating to a hold rating in a research note released on Sunday.

CUBI has been the subject of a number of other reports. Zacks Research downgraded shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Hovde Group upped their price target on shares of Customers Bancorp from $70.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. Keefe, Bruyette & Woods raised their target price on shares of Customers Bancorp from $76.00 to $82.00 and gave the stock a “market perform” rating in a report on Monday, October 27th. B. Riley reaffirmed a “buy” rating on shares of Customers Bancorp in a report on Monday, October 27th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Customers Bancorp in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.50.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock opened at $76.03 on Friday. The business has a 50-day simple moving average of $73.91 and a 200-day simple moving average of $68.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00. Customers Bancorp has a one year low of $40.75 and a one year high of $82.56. The company has a market cap of $2.60 billion, a PE ratio of 12.26 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $2.06 EPS for the quarter, topping the consensus estimate of $2.04 by $0.02. The company had revenue of $236.90 million during the quarter, compared to analysts’ expectations of $200.38 million. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. During the same quarter in the previous year, the business posted $1.36 EPS. On average, equities research analysts forecast that Customers Bancorp will post 6.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Customers Bancorp news, CEO Jay S. Sidhu sold 128,185 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $69.43, for a total value of $8,899,884.55. Following the completion of the transaction, the chief executive officer owned 790,031 shares of the company’s stock, valued at $54,851,852.33. This represents a 13.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bernard Bennett Banks sold 9,000 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $66.93, for a total value of $602,370.00. Following the transaction, the director owned 7,524 shares of the company’s stock, valued at $503,581.32. This represents a 54.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 211,900 shares of company stock valued at $14,595,664 over the last three months. 6.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd bought a new stake in shares of Customers Bancorp in the 3rd quarter valued at $29,000. Jones Financial Companies Lllp bought a new stake in shares of Customers Bancorp in the first quarter worth $37,000. Farther Finance Advisors LLC boosted its stake in shares of Customers Bancorp by 63.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock worth $44,000 after buying an additional 260 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Customers Bancorp by 451.2% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank’s stock worth $61,000 after purchasing an additional 767 shares during the last quarter. Finally, CX Institutional bought a new position in shares of Customers Bancorp in the 3rd quarter valued at about $67,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

About Customers Bancorp

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.