Customers Bancorp (NYSE:CUBI) Price Target Raised to $80.00 at Maxim Group

Customers Bancorp (NYSE:CUBI) had its price target hoisted by investment analysts at Maxim Group from $75.00 to $80.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Maxim Group’s target price suggests a potential upside of 37.17% from the company’s previous close.

A number of other brokerages have also commented on CUBI. Keefe, Bruyette & Woods upped their price objective on Customers Bancorp from $62.00 to $67.00 and gave the company a “market perform” rating in a report on Monday. DA Davidson upped their price target on shares of Customers Bancorp from $68.00 to $71.00 and gave the company a “buy” rating in a research report on Monday. Stephens reissued an “equal weight” rating and issued a $58.00 price objective on shares of Customers Bancorp in a research note on Friday. Raymond James decreased their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Finally, Piper Sandler cut their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

Customers Bancorp Stock Up 1.7 %

Shares of NYSE:CUBI traded up $0.97 during midday trading on Monday, reaching $58.32. The company had a trading volume of 629,266 shares, compared to its average volume of 391,589. Customers Bancorp has a 1-year low of $42.31 and a 1-year high of $68.49. The stock has a market cap of $1.83 billion, a PE ratio of 9.47 and a beta of 1.68. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. The business’s 50 day moving average price is $51.41 and its 200 day moving average price is $51.01.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.15. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. Research analysts forecast that Customers Bancorp will post 5.63 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the transaction, the director now directly owns 4,567 shares in the company, valued at approximately $245,613.26. The trade was a 46.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay S. Sidhu sold 860 shares of Customers Bancorp stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total value of $47,067.80. Following the completion of the transaction, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at approximately $65,114,360.74. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,440 shares of company stock valued at $5,425,815. Corporate insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of CUBI. Sei Investments Co. boosted its holdings in shares of Customers Bancorp by 53.1% in the 2nd quarter. Sei Investments Co. now owns 132,048 shares of the bank’s stock worth $6,336,000 after purchasing an additional 45,818 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Customers Bancorp by 47.4% during the second quarter. Bank of Montreal Can now owns 8,900 shares of the bank’s stock worth $429,000 after acquiring an additional 2,862 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Customers Bancorp by 5.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,164 shares of the bank’s stock worth $728,000 after acquiring an additional 834 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Customers Bancorp by 10.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock valued at $281,000 after purchasing an additional 549 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC boosted its stake in shares of Customers Bancorp by 93.4% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 48,587 shares of the bank’s stock valued at $2,331,000 after purchasing an additional 23,470 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

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.