StockNews.com Upgrades Customers Bancorp (NYSE:CUBI) to “Hold”

Customers Bancorp (NYSE:CUBI) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods lowered Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $57.00 to $52.00 in a research note on Monday, November 4th. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a research report on Friday, August 9th. DA Davidson boosted their price target on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Piper Sandler lowered their price objective on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Raymond James dropped their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Customers Bancorp presently has an average rating of “Moderate Buy” and an average target price of $61.11.

Customers Bancorp Trading Down 0.4 %

Customers Bancorp stock opened at $54.87 on Friday. Customers Bancorp has a 1 year low of $42.31 and a 1 year high of $68.49. The firm’s 50 day moving average price is $47.84 and its 200-day moving average price is $49.28. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market cap of $1.72 billion, a P/E ratio of 8.91 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The company had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the prior year, the firm posted $2.59 earnings per share. The business’s revenue was down 23.2% on a year-over-year basis. On average, equities analysts predict that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jay S. Sidhu sold 86,578 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of the sale, the chief executive officer now directly owns 1,090,598 shares of the company’s stock, valued at approximately $61,662,410.92. This trade represents a 7.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. The trade was a 7.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,440 shares of company stock valued at $5,210,695. Company insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Wedge Capital Management L L P NC purchased a new stake in Customers Bancorp in the 2nd quarter valued at about $2,508,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Customers Bancorp in the first quarter valued at approximately $4,266,000. Intech Investment Management LLC bought a new position in Customers Bancorp in the second quarter worth approximately $698,000. Thrivent Financial for Lutherans increased its holdings in Customers Bancorp by 26.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 71,473 shares of the bank’s stock worth $3,429,000 after purchasing an additional 15,011 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in Customers Bancorp by 252.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after purchasing an additional 181,819 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors.

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.