Maxim Group Issues Positive Forecast for Customers Bancorp (NYSE:CUBI) Stock Price

Customers Bancorp (NYSE:CUBI) had its price objective upped by Maxim Group from $75.00 to $80.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

A number of other brokerages have also issued reports on CUBI. DA Davidson lifted their target price on Customers Bancorp from $68.00 to $71.00 and gave the company a “buy” rating in a research report on Monday. Piper Sandler cut their price objective on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Raymond James decreased their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods boosted their price target on shares of Customers Bancorp from $62.00 to $67.00 and gave the stock a “market perform” rating in a research report on Monday. Finally, B. Riley raised their price objective on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.00.

Customers Bancorp Stock Up 1.7 %

Customers Bancorp stock opened at $58.32 on Monday. The company has a 50 day moving average of $51.49 and a 200-day moving average of $51.03. 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 twelve month low of $42.31 and a twelve month high of $68.49. The stock has a market capitalization 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 for the quarter, topping analysts’ consensus estimates of $1.21 by $0.15. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. On average, equities research analysts anticipate that Customers Bancorp will post 5.63 EPS for the current fiscal year.

Insider Activity at Customers Bancorp

In related news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the sale, the insider now owns 66,256 shares in the company, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jay S. Sidhu sold 860 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total value of $47,067.80. Following the sale, the chief executive officer now directly owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,440 shares of company stock worth $5,425,815. Insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CUBI. Assenagon Asset Management S.A. lifted its position in 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 acquiring an additional 225,785 shares during the last quarter. State Street Corp lifted its holdings in Customers Bancorp by 10.5% during the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after purchasing an additional 169,982 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in Customers Bancorp during the 3rd quarter worth approximately $3,470,000. Sei Investments Co. grew its holdings in Customers Bancorp by 53.1% in the 2nd quarter. Sei Investments Co. now owns 132,048 shares of the bank’s stock valued at $6,336,000 after buying an additional 45,818 shares in the last quarter. Finally, Walleye Capital LLC increased its position in 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. Institutional investors and hedge funds own 89.29% of the company’s stock.

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.