Raymond James Cuts Customers Bancorp (NYSE:CUBI) Price Target to $70.00

Customers Bancorp (NYSE:CUBI) had its target price cut by Raymond James from $80.00 to $70.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a strong-buy rating on the bank’s stock.

CUBI has been the subject of a number of other research reports. Hovde Group cut Customers Bancorp from an outperform rating to a market perform rating and set a $49.00 price objective for the company. in a report on Friday, August 9th. Wedbush cut Customers Bancorp from an outperform rating to a neutral rating and dropped their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Jefferies Financial Group dropped their price objective on Customers Bancorp from $59.00 to $57.00 and set a buy rating for the company in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods dropped their price objective on Customers Bancorp from $76.00 to $63.00 and set an outperform rating for the company in a report on Friday, August 9th. Finally, DA Davidson upped their target price on Customers Bancorp from $71.00 to $79.00 and gave the stock a buy rating in a report on Monday, July 29th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Customers Bancorp has a consensus rating of Moderate Buy and a consensus price target of $62.00.

Customers Bancorp Stock Performance

NYSE CUBI opened at $45.33 on Wednesday. The company has a market cap of $1.43 billion, a P/E ratio of 6.33 and a beta of 1.62. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93. The business’s 50 day moving average price is $49.63 and its 200-day moving average price is $49.63. Customers Bancorp has a fifty-two week low of $31.16 and a fifty-two week high of $68.49.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.06. The firm had revenue of $198.69 million for the quarter, compared to the consensus estimate of $184.40 million. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.65 EPS. Sell-side analysts predict that Customers Bancorp will post 6.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Samvir S. Sidhu acquired 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $45.53 per share, for a total transaction of $113,825.00. Following the purchase, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at $6,579,267.12. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds have recently made changes to their positions in CUBI. Hood River Capital Management LLC increased its position in Customers Bancorp by 94.3% during the 2nd 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 in the last quarter. Assenagon Asset Management S.A. increased its position in Customers Bancorp by 252.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after buying an additional 181,819 shares in the last quarter. Peregrine Capital Management LLC acquired a new position in Customers Bancorp during the 2nd quarter valued at about $7,690,000. Vanguard Group Inc. increased its position in Customers Bancorp by 5.4% during the 1st 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 in the last quarter. Finally, American Century Companies Inc. increased its position in Customers Bancorp by 14.6% during the 2nd 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 in the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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.