Customers Bancorp (NYSE:CUBI) Given New $61.00 Price Target at Wedbush

Customers Bancorp (NYSE:CUBI) had its target price cut by Wedbush from $63.00 to $61.00 in a research report report published on Friday morning, Benzinga reports. They currently have an outperform rating on the bank’s stock. Wedbush also issued estimates for Customers Bancorp’s Q2 2024 earnings at $1.72 EPS, Q1 2025 earnings at $1.88 EPS, Q2 2025 earnings at $1.86 EPS, Q3 2025 earnings at $1.92 EPS and Q4 2025 earnings at $1.89 EPS.

Several other brokerages have also recently weighed in on CUBI. Raymond James upped their price target on Customers Bancorp from $65.00 to $72.00 and gave the stock a strong-buy rating in a research note on Monday, January 29th. Jefferies Financial Group increased their target price on Customers Bancorp from $61.00 to $64.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, B. Riley increased their target price on Customers Bancorp from $62.00 to $77.00 and gave the stock a buy rating in a research note on Monday, January 29th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Customers Bancorp currently has an average rating of Moderate Buy and an average target price of $61.29.

Customers Bancorp Price Performance

CUBI opened at $46.82 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.91 and a current ratio of 0.93. Customers Bancorp has a 52-week low of $15.80 and a 52-week high of $60.09. The stock has a market capitalization of $1.47 billion, a PE ratio of 6.54 and a beta of 1.67. The stock’s 50 day moving average price is $51.53 and its 200-day moving average price is $48.89.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.06. The company had revenue of $181.62 million for the quarter, compared to analysts’ expectations of $183.48 million. Customers Bancorp had a return on equity of 18.62% and a net margin of 16.88%. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.58 earnings per share. On average, equities research analysts predict that Customers Bancorp will post 6.85 EPS for the current year.

Insider Activity at Customers Bancorp

In related news, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the sale, the chief financial officer now directly owns 41,224 shares of the company’s stock, valued at $2,191,055.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the transaction, the insider now directly owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carla A. Leibold sold 35,832 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Cornercap Investment Counsel Inc. bought a new position in shares of Customers Bancorp in the fourth quarter worth about $1,254,000. Assenagon Asset Management S.A. raised its stake in Customers Bancorp by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock valued at $10,554,000 after purchasing an additional 91,311 shares during the period. Victory Capital Management Inc. bought a new stake in Customers Bancorp during the 3rd quarter valued at approximately $1,712,000. Numerai GP LLC bought a new stake in Customers Bancorp during the 3rd quarter valued at approximately $363,000. Finally, American Century Companies Inc. raised its stake in Customers Bancorp by 14.6% during the 3rd quarter. American Century Companies Inc. now owns 364,767 shares of the bank’s stock valued at $12,566,000 after purchasing an additional 46,347 shares during the period. 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.