Customers Bancorp (NYSE:CUBI) Downgraded by Morgan Stanley to Underweight

Customers Bancorp (NYSE:CUBI) was downgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $89.00 price target on the bank’s stock. Morgan Stanley’s price objective indicates a potential upside of 10.13% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their price objective on Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. DA Davidson increased their target price on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Customers Bancorp in a report on Monday, June 29th. Finally, Piper Sandler boosted their price target on Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.77.

Customers Bancorp Stock Down 0.3%

NYSE:CUBI opened at $80.81 on Tuesday. The firm has a market cap of $2.73 billion, a P/E ratio of 9.85 and a beta of 1.47. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00. Customers Bancorp has a fifty-two week low of $59.34 and a fifty-two week high of $84.38. The firm has a 50-day simple moving average of $79.14 and a two-hundred day simple moving average of $75.27.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.05. The business had revenue of $227.28 million during the quarter, compared to analysts’ expectations of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.80 earnings per share. Analysts predict that Customers Bancorp will post 8.43 earnings per share for the current fiscal year.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, Chairman Jay Sidhu sold 68,821 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman directly owned 667,757 shares in the company, valued at $53,480,658.13. The trade was a 9.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 100,000 shares of company stock valued at $7,981,084 over the last three months. Insiders own 10.45% of the company’s stock.

Institutional Trading of Customers Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its position in Customers Bancorp by 41.0% during the second quarter. Versant Capital Management Inc now owns 561 shares of the bank’s stock valued at $44,000 after purchasing an additional 163 shares in the last quarter. Lido Advisors LLC increased its position in Customers Bancorp by 3.0% in the fourth quarter. Lido Advisors LLC now owns 6,135 shares of the bank’s stock worth $412,000 after buying an additional 178 shares in the last quarter. Alliancebernstein L.P. increased its position in Customers Bancorp by 0.5% in the third quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock worth $2,226,000 after buying an additional 182 shares in the last quarter. MetLife Investment Management LLC raised its stake in shares of Customers Bancorp by 1.3% in the fourth quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank’s stock worth $1,289,000 after buying an additional 230 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of Customers Bancorp by 78.4% in the first quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock worth $37,000 after buying an additional 232 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

About Customers Bancorp

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.