JPMorgan Chase & Co. Issues Pessimistic Forecast for Customers Bancorp (NYSE:CUBI) Stock Price

Customers Bancorp (NYSE:CUBI) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $90.00 to $84.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 19.25% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Zacks Research lowered shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Morgan Stanley dropped their price target on Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Raymond James Financial reiterated a “strong-buy” rating and set a $95.00 price objective on shares of Customers Bancorp in a research report on Tuesday, January 6th. Stephens raised Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 target price on the stock in a report on Monday, March 16th. Finally, Weiss Ratings raised Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Customers Bancorp has an average rating of “Moderate Buy” and a consensus target price of $86.42.

Customers Bancorp Stock Performance

Shares of NYSE CUBI opened at $70.44 on Wednesday. The firm’s 50-day moving average price is $71.15 and its 200-day moving average price is $70.37. Customers Bancorp has a 52-week low of $40.75 and a 52-week high of $82.56. The company has a market cap of $2.41 billion, a PE ratio of 11.36 and a beta of 1.57. 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 quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.02. The firm 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 period in the previous year, the company earned $1.36 earnings per share. As a group, analysts anticipate that Customers Bancorp will post 6.45 EPS for the current year.

Customers Bancorp declared that its board has authorized a stock 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 purchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds have recently modified their holdings of CUBI. Access Investment Management LLC grew its holdings in Customers Bancorp by 15.7% during the third quarter. Access Investment Management LLC now owns 132,415 shares of the bank’s stock valued at $8,656,000 after purchasing an additional 18,000 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Customers Bancorp by 29.0% in the third quarter. Assenagon Asset Management S.A. now owns 290,919 shares of the bank’s stock worth $19,017,000 after buying an additional 65,382 shares during the period. Principal Financial Group Inc. lifted its position in shares of Customers Bancorp by 23.4% during the 3rd quarter. Principal Financial Group Inc. now owns 179,762 shares of the bank’s stock valued at $11,751,000 after buying an additional 34,081 shares in the last quarter. EJF Capital LLC purchased a new position in shares of Customers Bancorp during the 3rd quarter valued at about $1,711,000. Finally, Fortress Investment Group LLC bought a new position in shares of Customers Bancorp during the 3rd quarter valued at approximately $2,860,000. 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.