Customers Bancorp (NYSE:CUBI) Price Target Raised to $67.00

Customers Bancorp (NYSE:CUBI) had its target price upped by Keefe, Bruyette & Woods from $62.00 to $67.00 in a report issued on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Several other equities analysts have also recently weighed in on the company. StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Stephens reaffirmed an “equal weight” rating and set a $58.00 price target on shares of Customers Bancorp in a research report on Friday, January 24th. Raymond James cut their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Piper Sandler lowered their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, B. Riley increased their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Customers Bancorp has a consensus rating of “Moderate Buy” and an average target price of $64.00.

Customers Bancorp Stock Up 0.7 %

CUBI stock opened at $57.41 on Monday. The business has a 50-day moving average of $51.63 and a 200-day moving average of $51.08. Customers Bancorp has a fifty-two week low of $42.31 and a fifty-two week high of $68.49. The stock has a market capitalization of $1.80 billion, a P/E ratio of 9.32 and a beta of 1.68. 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 (NYSE:CUBI) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.15. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. On average, sell-side analysts anticipate that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total transaction of $268,507.36. Following the sale, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the sale, the director now directly owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,440 shares of company stock worth $5,425,815. 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 the stock. Basswood Capital Management L.L.C. bought a new position in Customers Bancorp in the third quarter valued at about $26,000. R Squared Ltd acquired a new position in shares of Customers Bancorp in the fourth quarter valued at approximately $42,000. GAMMA Investing LLC raised its holdings 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 buying an additional 282 shares during the last quarter. KBC Group NV boosted its position in Customers Bancorp by 82.8% during the 4th quarter. KBC Group NV now owns 1,495 shares of the bank’s stock worth $73,000 after buying an additional 677 shares during the period. Finally, Quest Partners LLC grew its holdings in Customers Bancorp by 143.4% during the 3rd quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock worth $76,000 after acquiring an additional 962 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.