Customers Bancorp, Inc. (NYSE:CUBI) Given Average Rating of “Buy” by Brokerages

Customers Bancorp, Inc. (NYSE:CUBI) has been assigned a consensus rating of “Buy” from the eight ratings firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $61.50.

CUBI has been the topic of a number of research analyst reports. Wedbush cut their price objective on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Jefferies Financial Group raised their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Hovde Group lowered their target price on shares of Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday. B. Riley raised their target price on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, January 29th. Finally, Raymond James raised their target price on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 29th.

Insider Activity

In other news, insider Glenn Hedde sold 666 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total transaction of $36,097.20. Following the completion of the transaction, the insider now owns 69,428 shares of the company’s stock, valued at approximately $3,762,997.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Glenn Hedde sold 666 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction of $36,097.20. Following the completion of the sale, the insider now owns 69,428 shares in the company, valued at approximately $3,762,997.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the sale, the chief financial officer now owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. Corporate insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in shares of Customers Bancorp by 28.7% in the third quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock worth $73,454,000 after purchasing an additional 475,907 shares in the last quarter. Access Investment Management LLC bought a new position in Customers Bancorp during the fourth quarter valued at about $16,194,000. Federated Hermes Inc. boosted its stake in Customers Bancorp by 3,784.1% during the fourth quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock valued at $7,963,000 after buying an additional 134,638 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Customers Bancorp by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock valued at $10,554,000 after buying an additional 91,311 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new position in Customers Bancorp during the fourth quarter valued at about $3,680,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Customers Bancorp Stock Up 1.8 %

Shares of NYSE:CUBI opened at $48.25 on Monday. The firm’s 50 day moving average price is $50.83 and its 200 day moving average price is $49.69. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 6.74 and a beta of 1.67. Customers Bancorp has a fifty-two week low of $15.80 and a fifty-two week high of $60.09. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.89.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.05. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.17%. The firm had revenue of $181.62 million for the quarter, compared to analysts’ expectations of $183.48 million. During the same quarter last year, the company earned $1.58 earnings per share. The firm’s revenue was up 8.1% compared to the same quarter last year. As a group, equities research analysts predict that Customers Bancorp will post 6.46 earnings per share for the current fiscal year.

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.