Customers Bancorp (NYSE:CUBI) Upgraded at StockNews.com

StockNews.com upgraded shares of Customers Bancorp (NYSE:CUBI) from a sell rating to a hold rating in a research report released on Sunday morning.

Several other equities research analysts have also recently issued reports on the stock. Wedbush cut shares of 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. Stephens upped their price objective on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Hovde Group cut Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price on the stock. in a research report on Friday, August 9th. B. Riley upped their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Finally, Piper Sandler dropped their price objective on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.11.

Customers Bancorp Stock Down 1.3 %

CUBI stock opened at $54.91 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average of $49.48 and a 200 day moving average of $49.88. Customers Bancorp has a twelve month low of $42.31 and a twelve month high of $68.49. The firm has a market cap of $1.72 billion, a PE ratio of 8.92 and a beta of 1.65.

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

Insiders Place Their Bets

In other Customers Bancorp news, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now owns 4,567 shares of the company’s stock, valued at $245,613.26. This represents a 46.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jay S. Sidhu sold 860 shares of Customers Bancorp stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total value of $47,067.80. Following the sale, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at approximately $65,114,360.74. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock valued at $5,425,815 over the last ninety days. 6.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CUBI. Basswood Capital Management L.L.C. purchased a new position in shares of Customers Bancorp in the 3rd quarter valued at $26,000. Ridgewood Investments LLC bought a new position in Customers Bancorp in the second quarter worth about $48,000. GAMMA Investing LLC lifted its position in shares of Customers Bancorp by 21.7% during the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after buying an additional 282 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Customers Bancorp in the 2nd quarter worth approximately $74,000. Finally, Quest Partners LLC raised its stake in shares of Customers Bancorp by 143.4% during the 3rd quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock worth $76,000 after acquiring an additional 962 shares in the last quarter. 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.