Zacks Investment Research Downgrades Customers Bancorp Inc. (CUBI) to Sell
Customers Bancorp Inc. (NYSE:CUBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.
According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “
Several other research analysts have also issued reports on CUBI. FBR & Co set a $32.00 price target on shares of Customers Bancorp and gave the stock a “buy” rating in a research note on Thursday, July 21st. Keefe, Bruyette & Woods decreased their price target on shares of Customers Bancorp from $31.00 to $29.00 and set a “market perform” rating for the company in a research note on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $31.10.
Customers Bancorp (NYSE:CUBI) opened at 24.63 on Thursday. The firm has a 50-day moving average of $25.57 and a 200-day moving average of $25.56. The stock has a market capitalization of $672.20 million, a PE ratio of 10.95 and a beta of 0.61. Customers Bancorp has a 1-year low of $21.66 and a 1-year high of $31.63.
Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. Customers Bancorp had a net margin of 22.25% and a return on equity of 13.73%. During the same period last year, the business posted $0.52 earnings per share. Equities analysts expect that Customers Bancorp will post $2.40 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its position in shares of Customers Bancorp by 620.3% in the first quarter. Royal Bank of Canada now owns 4,725 shares of the company’s stock valued at $111,000 after buying an additional 4,069 shares during the last quarter. Mason Street Advisors LLC acquired a new position in shares of Customers Bancorp during the second quarter valued at about $124,000. BlackRock Inc. raised its position in shares of Customers Bancorp by 167.1% in the second quarter. BlackRock Inc. now owns 5,040 shares of the company’s stock valued at $127,000 after buying an additional 3,153 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Customers Bancorp by 555.6% in the third quarter. Nisa Investment Advisors LLC now owns 5,900 shares of the company’s stock valued at $148,000 after buying an additional 5,000 shares during the last quarter. Finally, Creative Planning raised its position in shares of Customers Bancorp by 36.3% in the third quarter. Creative Planning now owns 6,054 shares of the company’s stock valued at $152,000 after buying an additional 1,612 shares during the last quarter. Institutional investors own 84.77% of the company’s stock.
About Customers Bancorp
Customers Bancorp, Inc (Customers Bancorp) is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Company operates in the community banking segment. The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers.
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