Customers Bancorp, Inc (NYSE:CUBI) Receives $87.50 Average Price Target from Brokerages

Shares of Customers Bancorp, Inc (NYSE:CUBI) have been assigned a consensus rating of “Moderate Buy” from the twelve analysts that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $88.00.

Several equities research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Piper Sandler upped their price objective on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday. Hovde Group upped their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. lowered their price target on shares of Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating on the stock in a report on Wednesday, April 1st. Finally, DA Davidson increased their price target on shares of Customers Bancorp from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, April 27th.

Customers Bancorp Price Performance

NYSE CUBI opened at $80.65 on Friday. The company has a market cap of $2.73 billion, a PE ratio of 10.24 and a beta of 1.49. Customers Bancorp has a 52 week low of $58.52 and a 52 week high of $82.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. The firm’s 50-day simple moving average is $75.88 and its two-hundred day simple moving average is $74.09.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $1.97 EPS for the quarter, beating the consensus estimate of $1.88 by $0.09. The business had revenue of $225.40 million for the quarter, compared to the consensus estimate of $223.51 million. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The company’s revenue was up 57.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 earnings per share. Research analysts predict that Customers Bancorp will post 8.52 earnings per share for the current year.

Insider Transactions at Customers Bancorp

In other news, CEO Samvir S. Sidhu purchased 1,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $72.58 per share, with a total value of $72,580.00. Following the completion of the acquisition, the chief executive officer owned 521,714 shares in the company, valued at $37,866,002.12. This represents a 0.19% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Jay S. Sidhu sold 60,315 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the completion of the sale, the chairman directly owned 767,557 shares in the company, valued at approximately $58,510,870.11. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 10.45% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of CUBI. Royal Bank of Canada lifted its holdings in shares of Customers Bancorp by 11.5% in the first quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock worth $269,000 after buying an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Customers Bancorp by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after buying an additional 786 shares in the last quarter. Millennium Management LLC increased its position in shares of Customers Bancorp by 71.4% in the first quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after purchasing an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Customers Bancorp in the first quarter worth approximately $37,000. Finally, Creative Planning bought a new position in shares of Customers Bancorp in the second quarter worth approximately $250,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Company Profile

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.