Customers Bancorp (NYSE:CUBI) Given New $67.00 Price Target at Keefe, Bruyette & Woods

Customers Bancorp (NYSE:CUBI) had its price target lifted by equities researchers at Keefe, Bruyette & Woods from $62.00 to $67.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 16.60% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. B. Riley lifted their price objective on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Stephens reiterated an “equal weight” rating and issued a $58.00 target price on shares of Customers Bancorp in a report on Friday. StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Piper Sandler dropped their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Raymond James dropped their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.11.

Customers Bancorp Trading Up 14.1 %

CUBI opened at $57.46 on Monday. Customers Bancorp has a one year low of $42.31 and a one year high of $68.49. The company has a market cap of $1.80 billion, a P/E ratio of 9.33 and a beta of 1.68. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. The business’s 50-day simple moving average is $51.41 and its 200-day simple moving average is $51.01.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $1.36 EPS for the quarter, beating the consensus estimate of $1.21 by $0.15. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. As a group, equities research analysts expect that Customers Bancorp will post 5.63 EPS for the current fiscal year.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total transaction of $268,507.36. Following the transaction, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jay S. Sidhu sold 860 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $54.73, for a total transaction of $47,067.80. Following the sale, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at $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 a total of 96,440 shares of company stock valued at $5,425,815 in the last three months. 6.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CUBI. State Street Corp grew its holdings in Customers Bancorp by 10.5% during the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after acquiring an additional 169,982 shares during the period. Geode Capital Management LLC boosted its stake in Customers Bancorp by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after purchasing an additional 17,941 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Customers Bancorp by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank’s stock worth $23,665,000 after buying an additional 12,000 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Customers Bancorp by 88.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after buying an additional 225,785 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Customers Bancorp by 53.1% in the 2nd quarter. Sei Investments Co. now owns 132,048 shares of the bank’s stock valued at $6,336,000 after purchasing an additional 45,818 shares during the period. 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.