Customers Bancorp (NYSE:CUBI) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler started coverage on shares of Customers Bancorp (NYSE:CUBI) in a report issued on Thursday. The brokerage set an “overweight” rating and a $82.00 price target on the bank’s stock. Piper Sandler’s target price would suggest a potential upside of 24.19% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $95.00 price target on shares of Customers Bancorp in a report on Tuesday, January 6th. Stephens downgraded Customers Bancorp from an “equal weight” rating to an “underweight” rating and set a $71.00 price objective on the stock. in a research note on Friday, February 6th. Zacks Research lowered Customers Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, Morgan Stanley raised their target price on Customers Bancorp from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.67.

Customers Bancorp Stock Performance

CUBI stock traded down $0.61 during midday trading on Thursday, hitting $66.03. The company’s stock had a trading volume of 74,758 shares, compared to its average volume of 400,825. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 10.67 and a beta of 1.66. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price is $74.36 and its 200 day moving average price is $70.62. Customers Bancorp has a 1 year low of $40.75 and a 1 year high of $82.56.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.02. The firm had revenue of $236.90 million during the quarter, compared to analyst estimates of $200.38 million. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.During the same period last year, the firm posted $1.36 EPS. On average, equities analysts forecast that Customers Bancorp will post 6.45 EPS for the current year.

Customers Bancorp declared that its board has approved a share repurchase plan on Wednesday, February 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors have recently added to or reduced their stakes in CUBI. Price T Rowe Associates Inc. MD raised its stake in Customers Bancorp by 3,074.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock valued at $63,732,000 after purchasing an additional 844,141 shares in the last quarter. Anatole Investment Management Ltd bought a new stake in Customers Bancorp during the second quarter valued at approximately $17,593,000. Millennium Management LLC grew its stake in Customers Bancorp by 448.8% in the 3rd quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock worth $21,427,000 after buying an additional 268,056 shares in the last quarter. Emerald Advisers LLC bought a new position in shares of Customers Bancorp in the 3rd quarter worth $15,150,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Customers Bancorp by 247,273.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock worth $16,279,000 after buying an additional 222,546 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

About Customers Bancorp

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.