Customers Bancorp (NYSE:CUBI) Rating Increased to Strong-Buy at Zacks Investment Research
Customers Bancorp (NYSE:CUBI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has a $22.00 target price on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 15.06% from the company’s current price.
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. “
A number of other equities analysts have also recently commented on the stock. TheStreet cut shares of Customers Bancorp from a “b-” rating to a “c+” rating in a research note on Thursday, May 23rd. Sandler O’Neill cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Maxim Group reissued a “buy” rating and issued a $38.00 price target on shares of Customers Bancorp in a research note on Wednesday, July 10th. Finally, B. Riley set a $30.00 price target on shares of Customers Bancorp and gave the stock a “buy” rating in a research note on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Customers Bancorp has a consensus rating of “Buy” and a consensus price target of $27.95.
Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. The company had revenue of $64.68 million during the quarter, compared to analysts’ expectations of $64.51 million. Customers Bancorp had a net margin of 10.13% and a return on equity of 9.54%. Customers Bancorp’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 earnings per share. Research analysts predict that Customers Bancorp will post 1.95 earnings per share for the current year.
In other Customers Bancorp news, insider James T. Collins sold 5,500 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $20.61, for a total value of $113,355.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.54% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Deutsche Bank AG raised its holdings in Customers Bancorp by 55.5% in the 4th quarter. Deutsche Bank AG now owns 113,234 shares of the bank’s stock worth $2,059,000 after purchasing an additional 40,398 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Customers Bancorp by 1,274.4% in the 1st quarter. JPMorgan Chase & Co. now owns 911,951 shares of the bank’s stock worth $16,697,000 after buying an additional 845,596 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of Customers Bancorp by 75,462.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 6,045 shares of the bank’s stock worth $111,000 after buying an additional 6,037 shares during the period. Tieton Capital Management LLC grew its position in shares of Customers Bancorp by 16.0% in the 1st quarter. Tieton Capital Management LLC now owns 245,323 shares of the bank’s stock worth $4,492,000 after buying an additional 33,885 shares during the period. Finally, Royce & Associates LP grew its position in shares of Customers Bancorp by 1,061.8% in the 1st quarter. Royce & Associates LP now owns 17,020 shares of the bank’s stock worth $312,000 after buying an additional 15,555 shares during the period. Institutional investors and hedge funds own 80.73% 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 small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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