Customers Bancorp (NYSE:CUBI) Price Target Lowered to $63.00 at Hovde Group

Customers Bancorp (NYSE:CUBI) had its price objective decreased by Hovde Group from $66.00 to $63.00 in a report issued on Thursday morning, MarketBeat reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other equities research analysts have also issued reports on CUBI. Wedbush dropped their price target on Customers Bancorp from $63.00 to $61.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Raymond James raised their price target on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a strong-buy rating in a research report on Monday, January 29th. B. Riley lifted their price target on shares of Customers Bancorp from $62.00 to $77.00 and gave the company a buy rating in a report on Monday, January 29th. Finally, Jefferies Financial Group increased their price objective on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a buy rating in a research note on Monday, April 8th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Customers Bancorp has an average rating of Moderate Buy and a consensus target price of $61.50.

Customers Bancorp Trading Up 1.8 %

NYSE CUBI opened at $48.25 on Thursday. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 6.74 and a beta of 1.67. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.93 and a quick ratio of 0.91. Customers Bancorp has a 12 month low of $15.80 and a 12 month high of $60.09. The company’s fifty day moving average price is $50.83 and its two-hundred day moving average price is $49.69.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.05. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The business had revenue of $181.62 million during the quarter, compared to the consensus estimate of $183.48 million. During the same period last year, the firm earned $1.58 earnings per share. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. As a group, research analysts predict that Customers Bancorp will post 6.46 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Glenn Hedde sold 666 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the transaction, the insider now directly owns 69,428 shares of the company’s stock, valued at approximately $3,762,997.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Customers Bancorp news, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the sale, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Glenn Hedde sold 666 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction of $36,097.20. Following the completion of the sale, the insider now directly owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The disclosure for this sale can be found here. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BluePath Capital Management LLC acquired a new position in shares of Customers Bancorp during the 3rd quarter valued at $31,000. GAMMA Investing LLC acquired a new position in Customers Bancorp during the fourth quarter worth about $78,000. C M Bidwell & Associates Ltd. bought a new stake in Customers Bancorp in the third quarter worth about $112,000. Federated Hermes Inc. lifted its holdings in Customers Bancorp by 29,550.0% in the 3rd quarter. Federated Hermes Inc. now owns 3,558 shares of the bank’s stock valued at $123,000 after acquiring an additional 3,546 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Customers Bancorp during the 4th quarter valued at about $209,000. 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.