Customers Bancorp (NYSE:CUBI) Price Target Raised to $110.00

Customers Bancorp (NYSE:CUBI) had its price objective increased by B. Riley Financial from $104.00 to $110.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the bank’s stock.

CUBI has been the topic of several other research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $102.00 price target (up from $92.00) on shares of Customers Bancorp in a research report on Monday, October 26th. DA Davidson set a $107.00 price objective on Customers Bancorp in a report on Monday, October 26th. Morgan Stanley reissued an “underweight” rating and issued a $97.00 price objective on shares of Customers Bancorp in a research note on Monday, October 26th. JPMorgan Chase & Co. raised their target price on Customers Bancorp from $92.00 to $100.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Finally, Keefe, Bruyette & Woods raised their target price on Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.67.

Customers Bancorp Stock Up 0.1%

Shares of Customers Bancorp stock traded up $0.12 during trading hours on Thursday, reaching $85.33. The company’s stock had a trading volume of 158,506 shares, compared to its average volume of 312,747. Customers Bancorp has a one year low of $63.44 and a one year high of $89.60. The company has a market capitalization of $2.85 billion, a P/E ratio of 10.34 and a beta of 1.43. The stock’s fifty day simple moving average is $79.36 and its two-hundred day simple moving average is $76.29. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 0.96.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Thursday, October 22nd. The bank reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.13. The firm had revenue of $240.24 million during the quarter, compared to analysts’ expectations of $237.18 million. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. During the same period last year, the company earned $2.20 earnings per share. On average, research analysts forecast that Customers Bancorp will post 8.56 earnings per share for the current year.

Insider Activity

In related news, Chairman Jay Sidhu sold 50,000 shares of the firm’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $87.40, for a total transaction of $4,370,000.00. Following the transaction, the chairman directly owned 617,864 shares of the company’s stock, valued at $54,001,313.60. This trade represents a 7.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director T. Way sold 723 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $85.16, for a total transaction of $61,570.68. Following the transaction, the director owned 77,890 shares in the company, valued at approximately $6,633,112.40. This trade represents a 0.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 105,019 shares of company stock worth $8,998,514 over the last quarter. Insiders own 10.45% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Customers Bancorp during the second quarter worth about $385,165,000. Tieton Capital Management LLC bought a new stake in Customers Bancorp in the second quarter worth about $20,264,000. Bank of New York Mellon Corp bought a new stake in Customers Bancorp in the second quarter worth about $16,369,000. Empowered Funds LLC purchased a new position in Customers Bancorp in the second quarter valued at about $12,505,000. Finally, Heartland Advisors Inc. purchased a new position in Customers Bancorp in the second quarter valued at about $11,865,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc. is a bank holding company and the parent of Customers Bank, a commercial bank headquartered in West Reading, Pennsylvania. Founded in 2009, the company provides banking services to businesses, professionals and individuals. Customers Bank offers commercial and consumer deposit accounts, payment and cash-management services, and lending. Its business lending includes financing for commercial real estate, equipment, healthcare, and small businesses, along with banking services for venture-backed companies.