Customers Bancorp (NYSE:CUBI – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, Zacks.com reports. The brokerage presently has a $48.00 target price on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 20.66% from the company’s previous close.
According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “
Several other analysts have also recently weighed in on CUBI. Maxim Group reaffirmed a “buy” rating and issued a $85.00 target price on shares of Customers Bancorp in a report on Friday, April 29th. B. Riley dropped their price target on shares of Customers Bancorp from $100.00 to $90.00 in a research note on Tuesday, April 12th. Stephens began coverage on shares of Customers Bancorp in a research note on Monday, March 28th. They issued an “equal weight” rating and a $62.50 price target on the stock. StockNews.com began coverage on shares of Customers Bancorp in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Wedbush increased their price target on shares of Customers Bancorp from $75.00 to $80.00 in a research note on Wednesday, January 26th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Customers Bancorp has a consensus rating of “Buy” and a consensus target price of $69.31.
In other Customers Bancorp news, CEO Samvir S. Sidhu bought 2,965 shares of Customers Bancorp stock in a transaction on Friday, May 6th. The stock was bought at an average price of $42.10 per share, with a total value of $124,826.50. Following the completion of the acquisition, the chief executive officer now owns 80,637 shares in the company, valued at $3,394,817.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Carla A. Leibold bought 1,000 shares of Customers Bancorp stock in a transaction on Friday, May 6th. The stock was acquired at an average cost of $42.10 per share, with a total value of $42,100.00. Following the acquisition, the chief financial officer now owns 68,348 shares of the company’s stock, valued at approximately $2,877,450.80. The disclosure for this purchase can be found here. 10.23% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System raised its stake in shares of Customers Bancorp by 1.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 11,888 shares of the bank’s stock worth $777,000 after buying an additional 161 shares during the last quarter. Captrust Financial Advisors increased its position in Customers Bancorp by 9.0% during the 3rd quarter. Captrust Financial Advisors now owns 2,801 shares of the bank’s stock worth $120,000 after purchasing an additional 231 shares in the last quarter. Lazard Asset Management LLC increased its position in Customers Bancorp by 70.5% during the 4th quarter. Lazard Asset Management LLC now owns 687 shares of the bank’s stock worth $44,000 after purchasing an additional 284 shares in the last quarter. Mutual of America Capital Management LLC increased its position in Customers Bancorp by 7.1% during the 1st quarter. Mutual of America Capital Management LLC now owns 4,364 shares of the bank’s stock worth $228,000 after purchasing an additional 290 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its position in Customers Bancorp by 1.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 18,133 shares of the bank’s stock worth $1,185,000 after purchasing an additional 292 shares in the last quarter. 83.48% of the stock is owned by institutional investors and hedge funds.
Customers Bancorp Company Profile (Get Rating)
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 offers deposits products, including checking, savings, MMDA, and other deposits accounts. It offers loan products, including commercial mortgage warehouse loans, multi-family and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgage loans, and installment loans.
- Get a free copy of the StockNews.com research report on Customers Bancorp (CUBI)
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