Customers Bancorp (NYSE:CUBI) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Customers Bancorp (NYSE:CUBI) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

CUBI has been the topic of several other reports. Maxim Group set a $100.00 price target on shares of Customers Bancorp in a report on Monday, January 26th. Weiss Ratings raised shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Morgan Stanley increased their price target on shares of Customers Bancorp from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. Wall Street Zen downgraded Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. Finally, JPMorgan Chase & Co. initiated coverage on Customers Bancorp in a report on Friday, March 6th. They issued an “overweight” rating and a $90.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.67.

Customers Bancorp Trading Down 0.2%

NYSE:CUBI opened at $66.48 on Tuesday. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of 10.72 and a beta of 1.66. Customers Bancorp has a one year low of $40.75 and a one year high of $82.56. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00. The business’s 50-day simple moving average is $74.23 and its 200 day simple moving average is $70.59.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data 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. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.The company had revenue of $236.90 million for the quarter, compared to the consensus estimate of $200.38 million. During the same period in the previous year, the business earned $1.36 EPS. As a group, sell-side analysts predict that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.

Customers Bancorp declared that its board has initiated a share buyback program on Wednesday, February 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors have recently modified their holdings of the business. Arax Advisory Partners lifted its holdings in Customers Bancorp by 218.9% in the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Customers Bancorp during the 3rd quarter worth about $29,000. Jones Financial Companies Lllp bought a new stake in shares of Customers Bancorp during the 1st quarter worth about $37,000. Transamerica Financial Advisors LLC lifted its stake in shares of Customers Bancorp by 216.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after acquiring an additional 404 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Customers Bancorp by 63.1% in the third quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock valued at $44,000 after acquiring an additional 260 shares in the last quarter. Institutional investors 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.