Customers Bancorp (NYSE:CUBI) Price Target Raised to $62.00

Customers Bancorp (NYSE:CUBI) had its price objective lifted by Keefe, Bruyette & Woods from $52.00 to $62.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

A number of other research firms have also recently weighed in on CUBI. Stephens lifted their price target on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. B. Riley raised their price target on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Raymond James reduced their price objective 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. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Customers Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $62.22.

Customers Bancorp Price Performance

Shares of CUBI opened at $55.47 on Wednesday. Customers Bancorp has a 12 month low of $42.31 and a 12 month high of $68.49. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a fifty day moving average price of $50.29 and a 200 day moving average price of $50.05. The company has a market cap of $1.74 billion, a P/E ratio of 9.00 and a beta of 1.65.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 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 the consensus estimate of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The firm’s revenue was down 23.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.59 EPS. On average, research analysts forecast that Customers Bancorp will post 5.63 earnings per share for the current year.

Insider Buying and Selling at Customers Bancorp

In related news, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now directly owns 4,567 shares in the company, valued at $245,613.26. The trade was a 46.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Glenn Hedde sold 5,002 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the sale, the insider now directly owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 96,440 shares of company stock valued at $5,425,815. 6.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Basswood Capital Management L.L.C. acquired a new position in shares of Customers Bancorp in the third quarter worth about $26,000. Ridgewood Investments LLC acquired a new position in Customers Bancorp in the 2nd quarter worth approximately $48,000. Innealta Capital LLC purchased a new position in Customers Bancorp during the 2nd quarter worth approximately $74,000. GAMMA Investing LLC raised its stake in Customers Bancorp by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after purchasing an additional 282 shares during the period. Finally, Quest Partners LLC lifted its holdings in shares of Customers Bancorp by 143.4% in the third quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock valued at $76,000 after purchasing an additional 962 shares in the last quarter. Hedge funds and other institutional investors 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.