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

StockNews.com upgraded shares of Customers Bancorp (NYSE:CUBI) from a sell rating to a hold rating in a report issued on Friday.

Several other equities analysts have also commented on the company. Hovde Group lowered Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a report on Friday, August 9th. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $57.00 to $52.00 in a research note on Monday, November 4th. Piper Sandler cut their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Raymond James cut their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. Finally, Stephens increased their target price on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $61.11.

Customers Bancorp Trading Down 0.4 %

Shares of CUBI opened at $54.87 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp has a 12 month low of $42.31 and a 12 month high of $68.49. The stock’s 50-day moving average is $47.84 and its two-hundred day moving average is $49.31. The stock has a market cap of $1.72 billion, a PE ratio of 8.91 and a beta of 1.61.

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 business had revenue of $167.10 million during the quarter, compared to analyst estimates 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 was down 23.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.59 EPS. Equities analysts forecast that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the 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 completion of the sale, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jay S. Sidhu sold 860 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total value of $47,067.80. Following the completion of the sale, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,440 shares of company stock worth $5,210,695. Corporate insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds have recently made changes to their positions in the business. Basswood Capital Management L.L.C. acquired a new stake in shares of Customers Bancorp during the 3rd quarter worth about $26,000. Ridgewood Investments LLC bought a new position in Customers Bancorp during the second quarter worth about $48,000. Innealta Capital LLC acquired a new position in Customers Bancorp in the second quarter valued at about $74,000. GAMMA Investing LLC lifted its position in Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after acquiring an additional 282 shares in the last quarter. Finally, Quest Partners LLC grew its position in 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. Institutional investors and hedge funds own 89.29% of the company’s stock.

Customers Bancorp Company Profile

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.