Customers Bancorp (NYSE:CUBI) Given New $71.00 Price Target at DA Davidson

Customers Bancorp (NYSE:CUBI) had its target price increased by DA Davidson from $68.00 to $71.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. DA Davidson’s target price suggests a potential upside of 21.74% from the stock’s current price.

A number of other analysts also recently issued reports on CUBI. Raymond James cut their price target on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Keefe, Bruyette & Woods raised their price target on shares of Customers Bancorp from $62.00 to $67.00 and gave the stock a “market perform” rating in a report on Monday. B. Riley raised their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Stephens reaffirmed an “equal weight” rating and set a $58.00 price objective on shares of Customers Bancorp in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.22.

Customers Bancorp Trading Up 1.7 %

NYSE CUBI traded up $0.97 during trading hours on Monday, hitting $58.32. 625,630 shares of the company were exchanged, compared to its average volume of 386,888. The stock has a 50-day moving average price of $51.41 and a 200 day moving average price of $51.01. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. Customers Bancorp has a 52 week low of $42.31 and a 52 week high of $68.49. The stock has a market cap of $1.83 billion, a PE ratio of 9.47 and a beta of 1.68.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.15. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. Analysts forecast that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the transaction, the director now directly owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the transaction, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This trade represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock worth $5,425,815 over the last ninety days. 6.92% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC increased its position in Customers Bancorp by 74.2% during the 3rd quarter. Intech Investment Management LLC now owns 25,349 shares of the bank’s stock valued at $1,177,000 after purchasing an additional 10,797 shares during the period. BNP Paribas Financial Markets grew its position in shares of Customers Bancorp by 117.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 40,425 shares of the bank’s stock worth $1,878,000 after buying an additional 21,871 shares during the period. Walleye Capital LLC grew its position in shares of Customers Bancorp by 536.3% during the 3rd quarter. Walleye Capital LLC now owns 38,450 shares of the bank’s stock worth $1,786,000 after buying an additional 32,407 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Customers Bancorp by 88.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after buying an additional 225,785 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Customers Bancorp by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank’s stock worth $23,665,000 after purchasing an additional 12,000 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 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.