Customers Bancorp (NYSE:CUBI) Price Target Raised to $89.00

Customers Bancorp (NYSE:CUBI) had its target price hoisted by Keefe, Bruyette & Woods from $88.00 to $89.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

A number of other equities research analysts have also weighed in on the stock. Fundamental Research set a $94.00 price objective on shares of Customers Bancorp in a report on Wednesday, July 1st. Piper Sandler increased their target price on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research report on Monday, June 29th. Morgan Stanley boosted their price target on shares of Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Finally, DA Davidson upped their price target on shares of Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Customers Bancorp currently has an average rating of “Moderate Buy” and an average target price of $90.69.

Customers Bancorp Price Performance

Shares of Customers Bancorp stock opened at $82.77 on Monday. The firm has a market capitalization of $2.80 billion, a PE ratio of 10.09 and a beta of 1.49. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. Customers Bancorp has a 12 month low of $59.34 and a 12 month high of $83.95. The business’s 50-day moving average price is $77.20 and its 200-day moving average price is $74.63.

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

Insider Transactions at Customers Bancorp

In related news, EVP Philip Watkins sold 3,000 shares of Customers Bancorp stock in a transaction on Monday, May 11th. The shares were sold at an average price of $75.67, for a total value of $227,010.00. Following the transaction, the executive vice president directly owned 43,993 shares of the company’s stock, valued at $3,328,950.31. The trade was a 6.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Jay S. Sidhu sold 68,821 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the sale, the chairman owned 667,757 shares of the company’s stock, valued at $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 163,315 shares of company stock worth $12,805,906. Insiders own 10.45% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its stake in shares of Customers Bancorp by 11.5% in the first quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock worth $269,000 after purchasing an additional 553 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Customers Bancorp by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock valued at $885,000 after purchasing an additional 786 shares during the period. Millennium Management LLC raised its position in Customers Bancorp by 71.4% during the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock valued at $13,791,000 after purchasing an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Customers Bancorp during the 1st quarter valued at approximately $37,000. Finally, Creative Planning purchased a new stake in Customers Bancorp in the 2nd quarter worth approximately $250,000. 89.29% of the stock is owned by 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.