Raymond James Lowers Customers Bancorp (NYSE:CUBI) Price Target to $70.00

Customers Bancorp (NYSE:CUBI) had its target price reduced by analysts at Raymond James from $80.00 to $70.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “strong-buy” rating on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 55.45% from the company’s previous close.

Several other analysts have also weighed in on CUBI. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. B. Riley upped their price objective on Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods cut their price objective on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, August 9th. DA Davidson upped their price objective on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Jefferies Financial Group cut their price objective on Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Customers Bancorp Trading Up 1.8 %

Shares of CUBI stock opened at $45.03 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93. Customers Bancorp has a 1 year low of $31.16 and a 1 year high of $68.49. The stock has a fifty day moving average of $50.44 and a two-hundred day moving average of $49.70. The firm has a market capitalization of $1.42 billion, a PE ratio of 6.29 and a beta of 1.62.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.06. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The company had revenue of $198.69 million during the quarter, compared to analyst estimates of $184.40 million. During the same quarter in the previous year, the firm posted $1.65 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, research analysts expect that Customers Bancorp will post 6.34 EPS for the current year.

Insider Activity

In related news, CEO Samvir S. Sidhu bought 2,500 shares of Customers Bancorp stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average cost of $45.53 per share, with a total value of $113,825.00. Following the completion of the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CUBI. Ridgewood Investments LLC acquired a new position in Customers Bancorp during the second quarter valued at $48,000. Innealta Capital LLC acquired a new position in Customers Bancorp during the second quarter valued at $74,000. Ashton Thomas Private Wealth LLC acquired a new position in Customers Bancorp during the second quarter valued at $151,000. Capstone Investment Advisors LLC acquired a new position in Customers Bancorp during the first quarter valued at $220,000. Finally, SG Americas Securities LLC acquired a new position in Customers Bancorp during the third quarter valued at $244,000. 89.29% of the stock is owned by institutional investors and hedge funds.

About Customers Bancorp

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.