Customers Bancorp (NYSE:CUBI) Given New $55.00 Price Target at Piper Sandler

Customers Bancorp (NYSE:CUBI) had its price target trimmed by Piper Sandler from $61.00 to $55.00 in a research report sent to investors on Monday, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

Several other research firms have also commented on CUBI. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price target for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. B. Riley lifted their target price on shares of Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, July 29th. Raymond James lowered their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. DA Davidson increased their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $57.00 to $52.00 in a research report on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $61.88.

Customers Bancorp Trading Up 0.6 %

Shares of NYSE:CUBI traded up $0.29 during trading on Monday, reaching $45.95. The stock had a trading volume of 5,384 shares, compared to its average volume of 363,082. Customers Bancorp has a fifty-two week low of $40.61 and a fifty-two week high of $68.49. The business has a fifty day moving average price of $47.16 and a 200-day moving average price of $48.93. The stock has a market cap of $1.46 billion, a P/E ratio of 7.41 and a beta of 1.61. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The business had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. During the same quarter last year, the business earned $2.59 EPS. Customers Bancorp’s revenue for the quarter was down 23.2% compared to the same quarter last year. As a group, analysts anticipate that Customers Bancorp will post 6.11 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Samvir S. Sidhu acquired 2,500 shares of the 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 in the company, valued at $6,579,267.12. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate 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. GSA Capital Partners LLP increased its position in shares of Customers Bancorp by 10.5% during the 3rd quarter. GSA Capital Partners LLP now owns 30,001 shares of the bank’s stock valued at $1,394,000 after purchasing an additional 2,857 shares during the period. Wolverine Asset Management LLC acquired a new position in Customers Bancorp during the third quarter worth about $3,470,000. Los Angeles Capital Management LLC bought a new stake in Customers Bancorp in the third quarter worth about $294,000. Olympiad Research LP acquired a new stake in Customers Bancorp in the 3rd quarter valued at about $332,000. Finally, Sippican Capital Advisors boosted its position in shares of Customers Bancorp by 140.1% during the 3rd quarter. Sippican Capital Advisors now owns 26,579 shares of the bank’s stock valued at $1,235,000 after purchasing an additional 15,510 shares in the last quarter. Institutional investors 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.