Customers Bancorp (NYSE:CUBI) Stock Rating Upgraded by Zacks Investment Research

Customers Bancorp (NYSE:CUBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has a $23.00 price target on the bank’s stock. Zacks Investment Research‘s target price suggests a potential upside of 13.64% from the company’s previous close.

According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “

A number of other equities analysts also recently issued reports on CUBI. B. Riley set a $30.00 price target on Customers Bancorp and gave the stock a “buy” rating in a research report on Tuesday, May 14th. TheStreet downgraded ZovioInc . from a “c-” rating to a “d” rating in a research report on Thursday, May 23rd. Maxim Group reaffirmed a “buy” rating and set a $25.00 price target on shares of Coherus Biosciences in a research report on Wednesday. Finally, ValuEngine downgraded Wave Life Sciences from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $28.15.

NYSE:CUBI traded down $0.01 during trading hours on Friday, reaching $20.24. The company’s stock had a trading volume of 126,900 shares, compared to its average volume of 170,639. The stock has a market cap of $627.59 million, a P/E ratio of 8.33, a P/E/G ratio of 0.92 and a beta of 1.02. Customers Bancorp has a 12 month low of $16.72 and a 12 month high of $29.25. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.49. The firm has a 50 day simple moving average of $20.35.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Wednesday, April 24th. The bank reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. The company had revenue of $79.02 million during the quarter, compared to the consensus estimate of $82.68 million. Customers Bancorp had a net margin of 13.13% and a return on equity of 10.90%. During the same quarter in the previous year, the firm posted $0.64 earnings per share. On average, analysts expect that Customers Bancorp will post 2.2 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of CUBI. Eqis Capital Management Inc. grew its holdings in shares of Customers Bancorp by 1.5% during the first quarter. Eqis Capital Management Inc. now owns 31,762 shares of the bank’s stock valued at $582,000 after buying an additional 482 shares during the last quarter. Texas Permanent School Fund grew its holdings in shares of Customers Bancorp by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 19,067 shares of the bank’s stock valued at $347,000 after buying an additional 734 shares during the last quarter. Strs Ohio grew its holdings in shares of Customers Bancorp by 2.8% during the first quarter. Strs Ohio now owns 36,400 shares of the bank’s stock valued at $666,000 after buying an additional 1,000 shares during the last quarter. Neuburgh Advisers LLC grew its holdings in shares of Customers Bancorp by 16.4% during the fourth quarter. Neuburgh Advisers LLC now owns 7,656 shares of the bank’s stock valued at $139,000 after buying an additional 1,078 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Customers Bancorp by 0.5% during the fourth quarter. Principal Financial Group Inc. now owns 236,547 shares of the bank’s stock valued at $4,305,000 after buying an additional 1,289 shares during the last quarter. 81.07% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.

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