Customers Bancorp (NYSE:CUBI) Given New $100.00 Price Target at DA Davidson

Customers Bancorp (NYSE:CUBI) had its price target hoisted by DA Davidson from $98.00 to $100.00 in a research note issued to investors on Monday, MarketBeat reports. DA Davidson currently has a buy rating on the bank’s stock.

A number of other analysts have also recently weighed in on CUBI. Morgan Stanley increased their target price on shares of Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Hovde Group boosted their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research report on Tuesday, April 28th. Fundamental Research set a $94.00 price objective on shares of Customers Bancorp in a research report on Wednesday, July 1st. Piper Sandler increased their price objective on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Customers Bancorp in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Customers Bancorp has a consensus rating of “Moderate Buy” and an average price target of $90.15.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $78.62 on Monday. Customers Bancorp has a twelve month low of $59.34 and a twelve month high of $82.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 9.59 and a beta of 1.48. The business has a 50 day simple moving average of $76.52 and a 200-day simple moving average of $74.52.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.05. The firm had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business posted $1.80 earnings per share. As a group, equities research analysts expect that Customers Bancorp will post 8.37 earnings per share for the current year.

Insider Transactions at Customers Bancorp

In other news, CEO Samvir S. Sidhu acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $72.58 per share, with a total value of $72,580.00. Following the acquisition, the chief executive officer directly owned 521,714 shares in the company, valued at approximately $37,866,002.12. The trade was a 0.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Philip Watkins sold 3,000 shares of Customers Bancorp stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $75.67, for a total transaction of $227,010.00. Following the completion of the sale, the executive vice president owned 43,993 shares in the company, valued at approximately $3,328,950.31. This represents a 6.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 10.45% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in CUBI. Arax Advisory Partners increased its position in Customers Bancorp by 218.9% in the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock valued at $26,000 after acquiring an additional 243 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Customers Bancorp during the 3rd quarter worth $29,000. Bessemer Group Inc. grew its stake in shares of Customers Bancorp by 78.4% in the first quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock worth $37,000 after purchasing an additional 232 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Customers Bancorp during the first quarter valued at $37,000. Finally, Transamerica Financial Advisors LLC increased 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 period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About Customers Bancorp

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.