Customers Bancorp, Inc (NYSE:CUBI) Stock Has Average Target Price of $91.36 According to Brokerages

Shares of Customers Bancorp, Inc (NYSE:CUBI) have been given an average rating of “Moderate Buy” by the twelve research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $91.36.

Several research firms have recently commented on CUBI. DA Davidson upped their price target on shares of Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. boosted their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Customers Bancorp in a report on Friday, September 25th. Fundamental Research set a $94.00 target price on shares of Customers Bancorp in a report on Wednesday, July 1st. Finally, Piper Sandler increased their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th.

Insider Buying and Selling

In other Customers Bancorp news, Chairman Jay Sidhu sold 68,821 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the sale, the chairman owned 667,757 shares in the company, valued at approximately $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 100,000 shares of company stock worth $7,981,084. 10.45% of the stock is currently owned by company insiders.

Institutional Trading of Customers Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Customers Bancorp during the 2nd quarter valued at $385,165,000. Wellington Management Group LLP boosted its holdings in Customers Bancorp by 3.8% in the 2nd quarter. Wellington Management Group LLP now owns 4,035,500 shares of the bank’s stock worth $319,208,000 after buying an additional 145,956 shares during the period. Dimensional Fund Advisors LP increased its stake in Customers Bancorp by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank’s stock worth $134,859,000 after buying an additional 65,954 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Customers Bancorp by 213.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock worth $54,056,000 after buying an additional 529,987 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Customers Bancorp by 9.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 461,956 shares of the bank’s stock valued at $32,776,000 after acquiring an additional 40,104 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Trading Down 0.8%

Shares of CUBI stock opened at $73.94 on Monday. Customers Bancorp has a 12-month low of $59.34 and a 12-month high of $84.38. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The firm’s 50 day moving average is $79.18 and its 200 day moving average is $76.24. The stock has a market capitalization of $2.50 billion, a P/E ratio of 9.02 and a beta of 1.47.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.05. The company had revenue of $227.28 million for the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.Customers Bancorp’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.80 earnings per share. Research analysts expect that Customers Bancorp will post 8.43 earnings per share for the current year.

Customers Bancorp Company Profile

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking services to businesses, institutions, professionals and individual consumers.

Customers Bank offers commercial and industrial lending, commercial real estate loans, small business financing, residential and consumer loans, deposit accounts, cash-management services and other treasury-management solutions. The bank also operates specialty and digital banking businesses designed to support technology companies, venture-backed businesses, financial institutions and other commercial clients.

Customers Bancorp was established in 2009 and has developed from a regional banking organization into a bank with both Mid-Atlantic operations and nationally oriented specialty-finance and digital capabilities.