Customers Bancorp (NYSE:CUBI) Price Target Raised to $71.00 at DA Davidson

Customers Bancorp (NYSE:CUBI) had its target price upped by DA Davidson from $68.00 to $71.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the bank’s stock.

Other equities analysts also recently issued research reports about the stock. Raymond James reduced their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, October 2nd. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Stephens reaffirmed an “equal weight” rating and issued a $58.00 price objective on shares of Customers Bancorp in a research report on Friday. Piper Sandler reduced their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Keefe, Bruyette & Woods lifted their price target on Customers Bancorp from $62.00 to $67.00 and gave the company a “market perform” rating in a report on Monday. Six equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $64.00.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $58.32 on Monday. 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 fifty-two week low of $42.31 and a fifty-two week high of $68.49. The firm’s fifty day simple moving average is $51.49 and its 200-day simple moving average is $51.03. 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 released its quarterly earnings data on Thursday, January 23rd. The bank reported $1.36 earnings per share 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 expect 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 business’s stock in a transaction dated Monday, November 11th. The shares were 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 owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. This represents a 7.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Neil Mackay sold 4,000 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the sale, the director now owns 4,567 shares in the company, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,440 shares of company stock worth $5,425,815. Corporate insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its position in shares of Customers Bancorp by 88.9% during the third 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. State Street Corp raised its stake in Customers Bancorp by 10.5% during the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock valued at $82,773,000 after acquiring an additional 169,982 shares in the last quarter. Wolverine Asset Management LLC acquired a new position in Customers Bancorp during the 3rd quarter worth $3,470,000. Sei Investments Co. grew its stake in shares of Customers Bancorp by 53.1% in the second quarter. Sei Investments Co. now owns 132,048 shares of the bank’s stock worth $6,336,000 after purchasing an additional 45,818 shares in the last quarter. Finally, Walleye Capital LLC increased its holdings in shares of Customers Bancorp by 536.3% during the third quarter. Walleye Capital LLC now owns 38,450 shares of the bank’s stock valued at $1,786,000 after purchasing an additional 32,407 shares during the period. 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.