Customers Bancorp (NYSE:CUBI) Given New $55.00 Price Target at Stephens

Customers Bancorp (NYSE:CUBI) had its price target lifted by Stephens from $53.00 to $55.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other brokerages have also recently weighed in on CUBI. B. Riley raised their price target on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. StockNews.com downgraded shares of Customers Bancorp from a “hold” rating to a “sell” rating in a report on Monday, November 4th. Keefe, Bruyette & Woods downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $57.00 to $52.00 in a report on Monday, November 4th. Hovde Group cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a research note on Friday, August 9th. Finally, Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $61.11.

Customers Bancorp Stock Down 2.3 %

Shares of NYSE CUBI opened at $55.09 on Monday. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 8.94 and a beta of 1.61. Customers Bancorp has a 52 week low of $42.31 and a 52 week high of $68.49. The firm has a 50-day moving average price of $47.70 and a 200 day moving average price of $49.21. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The firm had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $191.61 million. During the same period last year, the firm earned $2.59 EPS. Customers Bancorp’s revenue was down 23.2% compared to the same quarter last year. Equities research analysts anticipate that Customers Bancorp will post 5.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Glenn Hedde sold 5,002 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the sale, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $56.54, for a total value of $4,895,120.12. Following the transaction, the chief executive officer now directly owns 1,090,598 shares in the company, valued at $61,662,410.92. The trade was a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 92,440 shares of company stock worth $5,210,695. 6.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CUBI. Texas Permanent School Fund Corp increased its position in shares of Customers Bancorp by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,765 shares of the bank’s stock worth $1,314,000 after purchasing an additional 353 shares in the last quarter. Quantbot Technologies LP increased its holdings in shares of Customers Bancorp by 7.5% during the 1st quarter. Quantbot Technologies LP now owns 17,401 shares of the bank’s stock worth $923,000 after acquiring an additional 1,217 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Customers Bancorp by 7.9% in the first quarter. Empowered Funds LLC now owns 19,128 shares of the bank’s stock valued at $1,015,000 after acquiring an additional 1,400 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Customers Bancorp by 208.5% during the 1st quarter. SG Americas Securities LLC now owns 21,632 shares of the bank’s stock worth $1,148,000 after acquiring an additional 14,621 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its position in Customers Bancorp by 4.8% in the first quarter. Illinois Municipal Retirement Fund now owns 16,066 shares of the bank’s stock valued at $852,000 after buying an additional 738 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.

About Customers Bancorp

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.