Customers Bancorp (NYSE:CUBI) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Customers Bancorp (NYSE:CUBI) from a buy rating to a hold rating in a research note released on Saturday morning.

CUBI has been the topic of a number of other reports. DA Davidson increased their target price on Customers Bancorp from $77.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Morgan Stanley started coverage on shares of Customers Bancorp in a report on Monday, December 8th. They set an “equal weight” rating and a $90.00 price objective on the stock. Hovde Group lifted their price objective on shares of Customers Bancorp from $70.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of Customers Bancorp in a research report on Monday, December 8th. Finally, TD Cowen raised their price target on shares of Customers Bancorp from $89.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.67.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $72.88 on Friday. The firm has a market capitalization of $2.49 billion, a P/E ratio of 14.78 and a beta of 1.61. The firm’s 50-day moving average price is $67.26 and its 200-day moving average price is $64.15. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. Customers Bancorp has a 1-year low of $40.75 and a 1-year high of $73.94.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Monday, September 8th. The bank reported $1.80 EPS for the quarter. The business had revenue of $206.82 million during the quarter. Customers Bancorp had a return on equity of 13.24% and a net margin of 12.43%. Equities research analysts anticipate that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.

Insider Activity

In other Customers Bancorp news, EVP Philip Watkins sold 2,900 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $65.04, for a total value of $188,616.00. Following the completion of the sale, the executive vice president directly owned 50,849 shares of the company’s stock, valued at approximately $3,307,218.96. This represents a 5.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bernard Bennett Banks sold 9,000 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $66.93, for a total transaction of $602,370.00. Following the completion of the sale, the director owned 7,524 shares of the company’s stock, valued at approximately $503,581.32. This trade represents a 54.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 211,900 shares of company stock worth $14,595,664 over the last quarter. Insiders own 8.69% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. increased its holdings in Customers Bancorp by 5.2% in the 1st quarter. Russell Investments Group Ltd. now owns 80,652 shares of the bank’s stock worth $4,049,000 after acquiring an additional 3,958 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Customers Bancorp during the second quarter worth about $418,000. Intech Investment Management LLC boosted its position in Customers Bancorp by 20.3% during the first quarter. Intech Investment Management LLC now owns 67,262 shares of the bank’s stock worth $3,377,000 after purchasing an additional 11,346 shares during the period. First Eagle Investment Management LLC increased its stake in shares of Customers Bancorp by 15.8% in the second quarter. First Eagle Investment Management LLC now owns 99,717 shares of the bank’s stock worth $5,857,000 after purchasing an additional 13,600 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Customers Bancorp in the second quarter valued at approximately $239,000. 89.29% of the stock is owned by institutional investors.

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.