Customers Bancorp (NYSE:CUBI) Price Target Cut to $83.00 by Analysts at Morgan Stanley

Customers Bancorp (NYSE:CUBI) had its target price lowered by Morgan Stanley from $92.00 to $83.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

CUBI has been the subject of a number of other reports. Zacks Research downgraded Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Wall Street Zen downgraded Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. B. Riley Financial restated a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. Weiss Ratings raised Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. Finally, Maxim Group set a $100.00 target price on Customers Bancorp in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $86.92.

Customers Bancorp Stock Up 3.1%

CUBI stock opened at $69.37 on Tuesday. Customers Bancorp has a 52 week low of $40.75 and a 52 week high of $82.56. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 11.19 and a beta of 1.66. The firm’s 50-day moving average is $71.55 and its two-hundred day moving average is $70.37. 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 (NYSE:CUBI) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.02. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. The business had revenue of $236.90 million during the quarter, compared to analysts’ expectations of $200.38 million. During the same period last year, the firm posted $1.36 earnings per share. On average, analysts forecast that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.

Customers Bancorp announced that its Board of Directors has authorized a share buyback program on Wednesday, February 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the bank to purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

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