Customers Bancorp (NYSE:CUBI) Price Target Cut to $84.00 by Analysts at JPMorgan Chase & Co.

Customers Bancorp (NYSE:CUBI) had its price target reduced by JPMorgan Chase & Co. from $90.00 to $84.00 in a report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Several other research analysts also recently commented on CUBI. TD Cowen reiterated a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Zacks Research cut Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Morgan Stanley cut their price target on Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating for the company in a report on Tuesday. Weiss Ratings raised shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $95.00 price objective on shares of Customers Bancorp in a report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Customers Bancorp presently has an average rating of “Moderate Buy” and an average target price of $86.42.

Customers Bancorp Stock Up 2.2%

Shares of CUBI stock opened at $70.94 on Wednesday. Customers Bancorp has a 52-week low of $40.75 and a 52-week high of $82.56. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 11.44 and a beta of 1.66. The firm’s 50-day moving average is $71.37 and its 200-day moving average is $70.37. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.02. The business had revenue of $236.90 million during the quarter, compared to analysts’ expectations of $200.38 million. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.During the same quarter last year, the company posted $1.36 earnings per share. Sell-side analysts predict that Customers Bancorp will post 6.45 EPS for the current year.

Customers Bancorp announced that its board has initiated a stock buyback plan on Wednesday, February 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Arax Advisory Partners grew its position in shares of Customers Bancorp by 218.9% during the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Customers Bancorp during the 3rd quarter worth $29,000. Jones Financial Companies Lllp bought a new position in Customers Bancorp during the 1st quarter worth $37,000. Transamerica Financial Advisors LLC raised its holdings in Customers Bancorp by 216.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock valued at $43,000 after acquiring an additional 404 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Customers Bancorp by 63.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock valued at $44,000 after acquiring an additional 260 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

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.