Customers Bancorp (NYSE:CUBI) Now Covered by Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Customers Bancorp (NYSE:CUBI) in a research report sent to investors on Thursday, Marketbeat.com reports. The firm issued an overweight rating and a $82.00 price target on the bank’s stock.

A number of other research firms have also recently issued reports on CUBI. JPMorgan Chase & Co. assumed coverage on shares of Customers Bancorp in a research note on Friday, March 6th. They set an “overweight” rating and a $90.00 target price for the company. B. Riley Financial reiterated a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Raymond James Financial reissued a “strong-buy” rating and issued a $95.00 price target on shares of Customers Bancorp in a report on Tuesday, January 6th. Zacks Research downgraded shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, Maxim Group set a $100.00 price objective on Customers Bancorp in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Customers Bancorp has an average rating of “Moderate Buy” and a consensus target price of $87.67.

Customers Bancorp Stock Down 0.2%

CUBI opened at $66.48 on Thursday. Customers Bancorp has a 1-year low of $40.75 and a 1-year high of $82.56. The stock’s fifty day simple moving average is $74.23 and its 200 day simple moving average is $70.59. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. The stock has a market cap of $2.27 billion, a PE ratio of 10.72 and a beta of 1.66.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.02. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.The business had revenue of $236.90 million during the quarter, compared to the consensus estimate of $200.38 million. During the same quarter last year, the firm posted $1.36 EPS. As a group, research analysts expect that Customers Bancorp will post 6.45 earnings per share for the current year.

Customers Bancorp announced that its Board of Directors has initiated a share buyback plan on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds have recently bought and sold shares of CUBI. Vanguard Group Inc. boosted its holdings in Customers Bancorp by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank’s stock valued at $162,424,000 after purchasing an additional 66,031 shares during the period. State Street Corp increased its holdings in shares of Customers Bancorp by 1.8% during the fourth quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock worth $133,998,000 after purchasing an additional 32,449 shares during the period. Hood River Capital Management LLC raised its position in shares of Customers Bancorp by 1.6% in the second quarter. Hood River Capital Management LLC now owns 1,523,025 shares of the bank’s stock valued at $89,462,000 after buying an additional 23,416 shares in the last quarter. American Century Companies Inc. raised its position in shares of Customers Bancorp by 7.9% in the third quarter. American Century Companies Inc. now owns 945,825 shares of the bank’s stock valued at $61,829,000 after buying an additional 69,200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Customers Bancorp by 3,074.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock valued at $63,732,000 after buying an additional 844,141 shares during the period. 89.29% of the stock is owned by institutional investors.

Customers Bancorp Company Profile

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.