Customers Bancorp, Inc. (NYSE:CUBI) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Customers Bancorp, Inc. (NYSE:CUBI) have been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $62.22.

A number of research firms have recently commented on CUBI. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Keefe, Bruyette & Woods upped their price target on shares of Customers Bancorp from $52.00 to $62.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler dropped their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Finally, B. Riley boosted their price target on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, November 4th.

Insider Buying and Selling

In related news, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction dated Wednesday, November 20th. The shares were 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 trade represents a 46.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,440 shares of company stock worth $5,425,815 in the last ninety days. Corporate insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several large investors have recently bought and sold shares of the stock. CWM LLC lifted its position in shares of Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after purchasing an additional 274 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after buying an additional 282 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Customers Bancorp by 2.1% in the second quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock valued at $686,000 after acquiring an additional 300 shares in the last quarter. SummerHaven Investment Management LLC increased its position in shares of Customers Bancorp by 1.7% during the second quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank’s stock valued at $994,000 after acquiring an additional 341 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in Customers Bancorp by 10.4% during the second quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock worth $281,000 after acquiring an additional 549 shares during the period. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Stock Performance

NYSE CUBI opened at $48.05 on Tuesday. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 7.80 and a beta of 1.65. Customers Bancorp has a twelve month low of $42.31 and a twelve month high of $68.49. The stock has a fifty day simple moving average of $51.53 and a 200 day simple moving average of $50.61. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data 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). 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 the consensus estimate of $191.61 million. During the same quarter last year, the business earned $2.59 earnings per share. Customers Bancorp’s revenue was down 23.2% compared to the same quarter last year. Sell-side analysts expect that Customers Bancorp will post 5.63 EPS for the current year.

About Customers Bancorp

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.