Piper Sandler Cuts Customers Bancorp (NYSE:CUBI) Price Target to $55.00

Customers Bancorp (NYSE:CUBI) had its target price lowered by Piper Sandler from $61.00 to $55.00 in a research report released on Monday, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

A number of other research firms also recently issued reports on CUBI. Wedbush downgraded shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $57.00 to $52.00 in a research note on Monday. Raymond James dropped their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. B. Riley boosted their price objective on Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, DA Davidson increased their target price on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Customers Bancorp currently has an average rating of “Hold” and a consensus price target of $61.88.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock opened at $55.50 on Monday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. Customers Bancorp has a 1 year low of $40.61 and a 1 year high of $68.49. The firm’s 50-day simple moving average is $47.19 and its 200-day simple moving average is $48.97. The firm has a market cap of $1.76 billion, a PE ratio of 9.01 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. During the same period in the prior year, the business earned $2.59 EPS. The company’s quarterly revenue was down 23.2% on a year-over-year basis. Equities analysts forecast that Customers Bancorp will post 6.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, CEO Samvir S. Sidhu purchased 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was bought 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 in the company, valued at $6,579,267.12. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.92% of the stock is owned by company insiders.

Institutional Trading of Customers Bancorp

A number of institutional investors have recently made changes to their positions in CUBI. Ridgewood Investments LLC bought a new stake in Customers Bancorp during the second quarter worth approximately $48,000. Innealta Capital LLC bought a new stake in shares of Customers Bancorp in the 2nd quarter worth $74,000. GAMMA Investing LLC lifted its holdings in shares of Customers Bancorp by 21.7% in the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after buying an additional 282 shares during the period. CWM LLC boosted its stake in Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after buying an additional 274 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Customers Bancorp during the second quarter worth about $151,000. 89.29% of the stock is owned by institutional investors and hedge funds.

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.