Customers Bancorp (NYSE:CUBI) Cut to “Underweight” at Morgan Stanley

Morgan Stanley cut shares of Customers Bancorp (NYSE:CUBI) from an equal weight rating to an underweight rating in a research note published on Tuesday morning, MarketBeat reports. The brokerage currently has $89.00 price objective on the bank’s stock, up from their prior price objective of $88.00.

A number of other analysts have also recently weighed in on the stock. Fundamental Research set a $94.00 price objective on shares of Customers Bancorp in a report on Wednesday, July 1st. Weiss Ratings restated a “buy (b)” rating on shares of Customers Bancorp in a report on Monday, June 29th. Keefe, Bruyette & Woods increased their target price on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. DA Davidson lifted their price target on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $90.77.

Customers Bancorp Trading Up 0.9%

CUBI opened at $78.86 on Tuesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00. Customers Bancorp has a one year low of $59.34 and a one year high of $84.38. The company has a market cap of $2.66 billion, a P/E ratio of 9.62 and a beta of 1.47. The business’s 50-day simple moving average is $79.12 and its 200-day simple moving average is $75.40.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.05. The firm had revenue of $227.28 million during the quarter, compared to analysts’ expectations of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.80 earnings per share. As a group, equities research analysts expect that Customers Bancorp will post 8.42 EPS for the current fiscal year.

Insider Activity at Customers Bancorp

In other news, Chairman Jay Sidhu sold 68,821 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman owned 667,757 shares in the company, valued at $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 100,000 shares of company stock worth $7,981,084 in the last three months. 10.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Arax Advisory Partners raised its position in Customers Bancorp by 218.9% during the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after buying an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Customers Bancorp in the third quarter valued at about $29,000. Bessemer Group Inc. boosted its holdings in shares of Customers Bancorp by 78.4% in the first quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock valued at $37,000 after acquiring an additional 232 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Customers Bancorp during the first quarter worth about $37,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Customers Bancorp during the second quarter worth about $40,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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.