Customers Bancorp (NYSE:CUBI) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Customers Bancorp (NYSE:CUBI) from a sell rating to a hold rating in a report published on Friday.

Several other research analysts also recently commented on CUBI. DA Davidson raised their price target on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Raymond James cut their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Piper Sandler cut their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Keefe, Bruyette & Woods downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $57.00 to $52.00 in a research note on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $61.11.

Customers Bancorp Stock Performance

Shares of CUBI stock traded down $0.21 on Friday, hitting $54.87. 243,723 shares of the stock were exchanged, compared to its average volume of 372,680. Customers Bancorp has a one year low of $42.31 and a one year high of $68.49. The firm’s 50 day moving average is $47.84 and its two-hundred day moving average is $49.26. The firm has a market capitalization of $1.72 billion, a PE ratio of 8.90 and a beta of 1.61. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $191.61 million. During the same quarter in the prior year, the company earned $2.59 EPS. The company’s revenue was down 23.2% on a year-over-year basis. Sell-side analysts expect that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the transaction, the insider now owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jay S. Sidhu sold 86,578 shares of Customers Bancorp stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $56.54, for a total value of $4,895,120.12. Following the sale, the chief executive officer now owns 1,090,598 shares in the company, valued at $61,662,410.92. This represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,440 shares of company stock valued at $5,210,695 over the last ninety days. 6.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Customers Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hood River Capital Management LLC boosted its position in shares of Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after purchasing an additional 266,462 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after acquiring an additional 225,785 shares during the last quarter. State Street Corp increased its holdings in shares of Customers Bancorp by 10.5% during the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock valued at $82,773,000 after acquiring an additional 169,982 shares in the last quarter. Peregrine Capital Management LLC purchased a new position in shares of Customers Bancorp in the 2nd quarter worth about $7,690,000. Finally, Vanguard Group Inc. boosted its stake in Customers Bancorp by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after purchasing an additional 111,654 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.