Customers Bancorp (NYSE:CUBI – Get Free Report) had its target price upped by analysts at DA Davidson from $98.00 to $100.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s price objective indicates a potential upside of 28.25% from the company’s previous close.
Other equities research analysts have also issued reports about the company. Fundamental Research set a $94.00 price objective on Customers Bancorp in a research note on Wednesday, July 1st. JPMorgan Chase & Co. upped their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Piper Sandler increased their price target on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Morgan Stanley increased their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Hovde Group lifted their target price on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.15.
Read Our Latest Report on CUBI
Customers Bancorp Price Performance
Customers Bancorp (NYSE:CUBI – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. During the same quarter in the prior year, the company earned $1.80 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. Research analysts forecast that Customers Bancorp will post 8.37 earnings per share for the current fiscal year.
Insider Activity
In related news, CEO Samvir S. Sidhu acquired 1,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average price of $72.58 per share, with a total value of $72,580.00. Following the completion of the transaction, the chief executive officer owned 521,714 shares of the company’s stock, valued at approximately $37,866,002.12. This represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Philip Watkins sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $75.67, for a total transaction of $227,010.00. Following the completion of the transaction, the executive vice president directly owned 43,993 shares in the company, valued at approximately $3,328,950.31. The trade was a 6.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 10.45% of the company’s stock.
Institutional Investors Weigh In On Customers Bancorp
A number of hedge funds have recently added to or reduced their stakes in the business. Arax Advisory Partners boosted its position in Customers Bancorp by 218.9% during the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Customers Bancorp in the 3rd quarter valued at $29,000. Bessemer Group Inc. raised its position in Customers Bancorp by 78.4% in the first quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock valued at $37,000 after purchasing an additional 232 shares during the period. Jones Financial Companies Lllp acquired a new position in shares of Customers Bancorp in the first quarter worth $37,000. Finally, Transamerica Financial Advisors LLC lifted its position in Customers Bancorp by 216.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock valued at $43,000 after acquiring an additional 404 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.
About Customers Bancorp
Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.
Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.
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