JPMorgan Chase & Co. Increases Customers Bancorp (NYSE:CUBI) Price Target to $94.00

Customers Bancorp (NYSE:CUBI) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $86.00 to $94.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 16.82% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Morgan Stanley lifted their price target on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday. Fundamental Research set a $94.00 target price on shares of Customers Bancorp in a report on Wednesday. Hovde Group boosted their target price on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. Stephens raised shares of Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price target on the stock in a report on Monday, March 16th. Finally, Piper Sandler raised their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $89.62.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock traded up $1.36 during trading on Wednesday, hitting $80.47. 21,625 shares of the company’s stock were exchanged, compared to its average volume of 370,510. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50-day simple moving average of $75.99 and a 200-day simple moving average of $74.23. Customers Bancorp has a 52-week low of $59.34 and a 52-week high of $82.56. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 10.23 and a beta of 1.49.

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

Insider Buying and Selling

In related news, CEO Samvir S. Sidhu bought 1,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average price of $72.58 per share, for a total transaction of $72,580.00. Following the completion of the transaction, the chief executive officer directly owned 521,714 shares in the company, valued at $37,866,002.12. This trade represents a 0.19% increase 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. Also, EVP Philip Watkins sold 3,000 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $75.67, for a total transaction of $227,010.00. Following the sale, the executive vice president directly owned 43,993 shares of the company’s stock, valued at $3,328,950.31. This represents a 6.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 10.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Customers Bancorp

Several large investors have recently bought and sold shares of CUBI. Vanguard Group Inc. lifted its position in shares of Customers Bancorp by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank’s stock valued at $162,424,000 after acquiring an additional 66,031 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Customers Bancorp by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank’s stock worth $134,859,000 after purchasing an additional 65,954 shares in the last quarter. State Street Corp raised its stake in Customers Bancorp by 1.8% in the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock valued at $133,998,000 after purchasing an additional 32,449 shares during the last quarter. American Century Companies Inc. lifted its holdings in Customers Bancorp by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 945,825 shares of the bank’s stock valued at $61,829,000 after purchasing an additional 69,200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Customers Bancorp by 3,074.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock worth $63,732,000 after purchasing an additional 844,141 shares during the last quarter. 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.