Customers Bancorp (NYSE:CUBI) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Customers Bancorp (NYSE:CUBI) in a research note published on Thursday morning, MarketBeat.com reports. The firm issued an overweight rating and a $82.00 target price on the bank’s stock.

A number of other equities analysts have also recently issued reports on CUBI. DA Davidson raised their price objective on shares of Customers Bancorp from $93.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Weiss Ratings upgraded shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. B. Riley Financial reissued a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Maxim Group set a $100.00 price target on Customers Bancorp in a research report on Monday, January 26th. Finally, Zacks Research cut Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Customers Bancorp presently has an average rating of “Moderate Buy” and an average price target of $87.67.

Customers Bancorp Stock Performance

Customers Bancorp stock opened at $64.68 on Thursday. The company has a market cap of $2.21 billion, a PE ratio of 10.43 and a beta of 1.66. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. Customers Bancorp has a 1 year low of $40.75 and a 1 year high of $82.56. The company’s 50-day moving average is $74.03 and its two-hundred day moving average is $70.56.

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

Customers Bancorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the bank to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Customers Bancorp by 3,074.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock worth $63,732,000 after purchasing an additional 844,141 shares in the last quarter. Anatole Investment Management Ltd bought a new stake in shares of Customers Bancorp in the 2nd quarter valued at $17,593,000. Millennium Management LLC increased its position in shares of Customers Bancorp by 448.8% in the 3rd quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock valued at $21,427,000 after buying an additional 268,056 shares in the last quarter. Emerald Advisers LLC acquired a new stake in Customers Bancorp during the 3rd quarter worth $15,150,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Customers Bancorp by 247,273.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock worth $16,279,000 after buying an additional 222,546 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.