Piper Sandler Cuts Customers Bancorp (NYSE:CUBI) Price Target to $55.00

Customers Bancorp (NYSE:CUBI) had its price target trimmed by Piper Sandler from $61.00 to $55.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

Other research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $57.00 to $52.00 in a research report on Monday. DA Davidson raised their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. Hovde Group cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a research report on Friday, August 9th. Finally, B. Riley boosted their price objective on shares of Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Customers Bancorp presently has an average rating of “Hold” and an average price target of $61.88.

Customers Bancorp Stock Down 6.8 %

CUBI stock opened at $51.76 on Monday. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The company has a 50-day moving average of $47.19 and a two-hundred day moving average of $48.99. Customers Bancorp has a 52-week low of $40.61 and a 52-week high of $68.49. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 8.40 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The company had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the previous year, the business posted $2.59 EPS. The firm’s quarterly revenue was down 23.2% on a year-over-year basis. As a group, equities research analysts anticipate that Customers Bancorp will post 5.98 EPS for the current year.

Insider Activity

In other news, CEO Samvir S. Sidhu purchased 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average price of $45.53 per share, with a total value of $113,825.00. Following the acquisition, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Customers Bancorp news, CEO Samvir S. Sidhu purchased 2,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $45.53 per share, with a total value of $113,825.00. Following the transaction, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at $6,579,267.12. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the sale, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its position in shares of Customers Bancorp by 2.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 261,847 shares of the bank’s stock worth $13,894,000 after purchasing an additional 7,047 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Customers Bancorp during the 1st quarter worth approximately $220,000. Texas Permanent School Fund Corp grew its position in shares of Customers Bancorp by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,765 shares of the bank’s stock worth $1,314,000 after purchasing an additional 353 shares in the last quarter. Quantbot Technologies LP grew its position in shares of Customers Bancorp by 7.5% during the 1st quarter. Quantbot Technologies LP now owns 17,401 shares of the bank’s stock worth $923,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Customers Bancorp by 7.9% during the 1st quarter. Empowered Funds LLC now owns 19,128 shares of the bank’s stock worth $1,015,000 after acquiring an additional 1,400 shares in the last quarter. 89.29% of the stock is owned by institutional investors.

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.