Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Customers Bancorp (NYSE:CUBI) Stock

Customers Bancorp (NYSE:CUBI) had its target price raised by analysts at Keefe, Bruyette & Woods from $52.00 to $62.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 12.65% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Piper Sandler decreased their price target on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Stephens boosted their price target on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Raymond James dropped their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Finally, Hovde Group downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a research report on Friday, August 9th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.22.

Customers Bancorp Price Performance

Shares of NYSE:CUBI opened at $55.04 on Wednesday. The business has a fifty day simple moving average of $50.09 and a 200-day simple moving average of $50.00. Customers Bancorp has a 52 week low of $42.31 and a 52 week high of $68.49. The company has a market cap of $1.73 billion, a P/E ratio of 8.94 and a beta of 1.65. 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 posted 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). The business had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The firm’s quarterly revenue was down 23.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.59 EPS. Equities research analysts forecast that Customers Bancorp will post 5.63 EPS for the current year.

Insider Activity at Customers Bancorp

In related news, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total transaction of $268,507.36. Following the sale, the insider now owns 66,256 shares of the company’s stock, valued at $3,556,622.08. The trade was a 7.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jay S. Sidhu sold 860 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total transaction of $47,067.80. Following the completion of the transaction, the chief executive officer now owns 1,189,738 shares in the company, valued at $65,114,360.74. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 96,440 shares of company stock worth $5,425,815. 6.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds have recently bought and sold shares of the business. Hood River Capital Management LLC raised its position in shares of Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after purchasing an additional 266,462 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Customers Bancorp by 88.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after acquiring an additional 225,785 shares during the last quarter. State Street Corp grew its holdings in Customers Bancorp by 10.5% during the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after acquiring an additional 169,982 shares in the last quarter. Peregrine Capital Management LLC bought a new stake in shares of Customers Bancorp in the 2nd quarter worth about $7,690,000. Finally, American Century Companies Inc. raised its stake in shares of Customers Bancorp by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after purchasing an additional 87,557 shares in the last quarter. Institutional investors and hedge funds 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.