Customers Bancorp (NYSE:CUBI) Upgraded at Zacks Research

Zacks Research upgraded shares of Customers Bancorp (NYSE:CUBI) from a hold rating to a strong-buy rating in a research note released on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the stock. Maxim Group set a $100.00 price target on shares of Customers Bancorp in a report on Monday. Hovde Group upped their target price on shares of Customers Bancorp from $70.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $95.00 target price on shares of Customers Bancorp in a report on Tuesday, January 6th. B. Riley reiterated a “buy” rating on shares of Customers Bancorp in a research report on Monday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Customers Bancorp in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.50.

Customers Bancorp Price Performance

Shares of NYSE:CUBI opened at $76.50 on Monday. Customers Bancorp has a 52 week low of $40.75 and a 52 week high of $82.56. The company has a 50-day moving average price of $74.14 and a 200 day moving average price of $68.88. The company has a market cap of $2.61 billion, a P/E ratio of 12.34 and a beta of 1.61. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.76.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.02. The company had revenue of $236.90 million for the quarter, compared to analysts’ expectations of $200.38 million. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.During the same quarter in the previous year, the firm posted $1.36 EPS. Research analysts predict that Customers Bancorp will post 6.45 earnings per share for the current year.

Insider Activity

In other Customers Bancorp news, CEO Jay S. Sidhu sold 128,185 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $69.43, for a total transaction of $8,899,884.55. Following the sale, the chief executive officer owned 790,031 shares in the company, valued at approximately $54,851,852.33. This represents a 13.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bernard Bennett Banks sold 9,000 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $66.93, for a total value of $602,370.00. Following the transaction, the director directly owned 7,524 shares of the company’s stock, valued at $503,581.32. The trade was a 54.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 211,900 shares of company stock worth $14,595,664 over the last ninety days. 6.92% of the stock is currently owned by insiders.

Institutional Trading of Customers Bancorp

A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in Customers Bancorp by 11.5% during the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock worth $269,000 after purchasing an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Customers Bancorp by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after purchasing an additional 786 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Customers Bancorp by 71.4% during the first quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after buying an additional 114,430 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Customers Bancorp during the first quarter worth about $37,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Customers Bancorp in the second quarter valued at approximately $239,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Customers Bancorp Company Profile

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.