TD Cowen Cuts Customers Bancorp (NYSE:CUBI) Price Target to $91.00

Customers Bancorp (NYSE:CUBI) had its price target decreased by TD Cowen from $94.00 to $91.00 in a research report released on Monday,Benzinga reports. TD Cowen currently has a buy rating on the bank’s stock.

A number of other research firms have also weighed in on CUBI. JPMorgan Chase & Co. lowered their price target on shares of Customers Bancorp from $96.00 to $92.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. Piper Sandler raised their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Fundamental Research set a $94.00 target price on Customers Bancorp in a research report on Wednesday, July 1st. Morgan Stanley lowered shares of Customers Bancorp from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $88.00 to $89.00 in a research note on Tuesday, September 8th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. One investment 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 stock. Based on data from MarketBeat, Customers Bancorp presently has an average rating of “Moderate Buy” and an average price target of $90.82.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $74.03 on Monday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. Customers Bancorp has a 1-year low of $59.34 and a 1-year high of $84.38. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 9.03 and a beta of 1.52. The business has a 50-day moving average of $78.87 and a 200-day moving average of $76.55.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, topping the consensus estimate of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm had revenue of $227.28 million for the quarter, compared to analyst estimates of $229.24 million. During the same period in the previous year, the company posted $1.80 EPS. Customers Bancorp’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts anticipate that Customers Bancorp will post 8.43 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Jay Sidhu sold 68,821 shares of Customers Bancorp stock in a transaction on 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 of the company’s stock, valued at $53,480,658.13. The trade was a 9.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 100,000 shares of company stock valued at $7,981,084. 10.45% of the stock is owned by company insiders.

Hedge Funds Weigh In On Customers Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its stake in shares of Customers Bancorp by 78.4% in the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock valued at $37,000 after acquiring an additional 232 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Customers Bancorp in the 2nd quarter valued at approximately $40,000. Versant Capital Management Inc boosted its stake in Customers Bancorp by 41.0% during the 2nd quarter. Versant Capital Management Inc now owns 561 shares of the bank’s stock worth $44,000 after acquiring an additional 163 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Customers Bancorp during the 2nd quarter worth approximately $71,000. Finally, Rockefeller Capital Management L.P. grew its holdings in Customers Bancorp by 528.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,445 shares of the bank’s stock valued at $106,000 after purchasing an additional 1,215 shares during the period. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc is a bank holding company whose principal subsidiary, Customers Bank, provides commercial and consumer banking services. The bank offers deposit accounts, commercial and residential real estate lending, business loans, equipment financing, consumer loans and other credit products. It also provides treasury management, payment and cash-management services for business and institutional customers.

Customers Bank focuses on serving small and mid-sized businesses, entrepreneurs, professionals, consumers and select institutional clients.