Raymond James Cuts Customers Bancorp (NYSE:CUBI) Price Target to $70.00

Customers Bancorp (NYSE:CUBI) had its price target trimmed by Raymond James from $80.00 to $70.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a strong-buy rating on the bank’s stock.

CUBI has been the topic of a number of other reports. Keefe, Bruyette & Woods cut their price objective on Customers Bancorp from $76.00 to $63.00 and set an outperform rating on the stock in a report on Friday, August 9th. Jefferies Financial Group cut their price objective on Customers Bancorp from $59.00 to $57.00 and set a buy rating on the stock in a report on Wednesday, July 3rd. B. Riley raised their target price on Customers Bancorp from $77.00 to $78.00 and gave the stock a buy rating in a report on Monday, July 29th. Wedbush lowered Customers Bancorp from an outperform rating to a neutral rating and dropped their target price for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. Finally, DA Davidson raised their target price on Customers Bancorp from $71.00 to $79.00 and gave the stock a buy rating in a report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $62.00.

Customers Bancorp Stock Up 0.6 %

Shares of CUBI stock opened at $45.33 on Wednesday. The stock’s 50-day simple moving average is $49.63 and its 200-day simple moving average is $49.63. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93. The firm has a market capitalization of $1.43 billion, a PE ratio of 6.33 and a beta of 1.62. Customers Bancorp has a fifty-two week low of $31.16 and a fifty-two week high of $68.49.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.06. The business had revenue of $198.69 million for the quarter, compared to analyst estimates of $184.40 million. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The company’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.65 earnings per share. Equities analysts expect that Customers Bancorp will post 6.34 earnings per share for the current year.

Insider Buying and Selling

In other Customers Bancorp news, CEO Samvir S. Sidhu purchased 2,500 shares of the stock in a transaction on Tuesday, August 13th. The shares were bought at an average price of $45.53 per share, for a total transaction of $113,825.00. Following the completion of the transaction, the chief executive officer now owns 144,504 shares of the company’s stock, valued at $6,579,267.12. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 6.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

Hedge funds have recently bought and sold shares of the business. Ridgewood Investments LLC purchased a new position in shares of Customers Bancorp in the second quarter valued at approximately $48,000. Innealta Capital LLC purchased a new position in Customers Bancorp during the second quarter worth approximately $74,000. Ashton Thomas Private Wealth LLC purchased a new position in Customers Bancorp during the second quarter worth approximately $151,000. Capstone Investment Advisors LLC purchased a new position in Customers Bancorp during the first quarter worth approximately $220,000. Finally, SG Americas Securities LLC purchased a new position in Customers Bancorp during the third quarter worth approximately $244,000. 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.