Customers Bancorp (NYSE:CUBI) Given New $55.00 Price Target at Piper Sandler

Customers Bancorp (NYSE:CUBI) had its price objective cut by equities researchers at Piper Sandler from $61.00 to $55.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 18.51% from the stock’s current price.

Several other research firms have also commented on CUBI. DA Davidson raised their target price on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Raymond James lowered their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Hovde Group lowered Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a research note on Friday, August 9th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $57.00 to $52.00 in a research note on Monday. Finally, B. Riley raised their price target on shares of Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Four 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.63.

Customers Bancorp Stock Performance

NYSE CUBI traded up $0.73 on Monday, reaching $46.41. The stock had a trading volume of 119,277 shares, compared to its average volume of 363,122. The firm has a fifty day moving average of $47.26 and a two-hundred day moving average of $48.94. The company has a market cap of $1.47 billion, a P/E ratio of 7.52 and a beta of 1.61. Customers Bancorp has a 1-year low of $40.61 and a 1-year high of $68.49. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.93 and a quick ratio of 0.91.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.79% and a net margin of 15.22%. The business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. During the same quarter last year, the firm earned $2.59 EPS. Customers Bancorp’s revenue for the quarter was down 23.2% compared to the same quarter last year. On average, equities research analysts anticipate that Customers Bancorp will post 6.11 EPS for the current year.

Insiders Place Their Bets

In other Customers Bancorp news, CEO Samvir S. Sidhu purchased 2,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $45.53 per share, with a total value of $113,825.00. Following the completion of the purchase, the chief executive officer now owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 6.92% of the company’s stock.

Institutional Trading of Customers Bancorp

Several institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its position in Customers Bancorp by 2.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 261,847 shares of the bank’s stock valued at $13,894,000 after acquiring an additional 7,047 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Customers Bancorp during the 1st quarter valued at about $220,000. Texas Permanent School Fund Corp grew its stake in Customers Bancorp by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 24,765 shares of the bank’s stock worth $1,314,000 after purchasing an additional 353 shares during the period. Quantbot Technologies LP increased its holdings in Customers Bancorp by 7.5% in the first quarter. Quantbot Technologies LP now owns 17,401 shares of the bank’s stock worth $923,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in Customers Bancorp by 7.9% in the first quarter. Empowered Funds LLC now owns 19,128 shares of the bank’s stock valued at $1,015,000 after buying an additional 1,400 shares during the period. 89.29% of the stock is currently owned by institutional investors.

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.