Customers Bancorp (NYSE:CUBI) Price Target Raised to $100.00

Customers Bancorp (NYSE:CUBI – Get Free Report) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $92.00 to $100.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 16.87% from the stock’s current price.

Several other analysts have also commented on CUBI. Piper Sandler restated an “overweight” rating and set a $102.00 price target (up from $92.00) on shares of Customers Bancorp in a research report on Monday. TD Cowen lifted their price objective on shares of Customers Bancorp from $91.00 to $97.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research report on Friday, September 25th. Keefe, Bruyette & Woods increased their target price on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Finally, DA Davidson lifted their price target on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Customers Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $93.73.

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Customers Bancorp Stock Performance

Shares of NYSE CUBI traded up $1.02 during midday trading on Monday, reaching $85.56. 114,535 shares of the stock were exchanged, compared to its average volume of 339,045. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 10.37 and a beta of 1.52. Customers Bancorp has a twelve month low of $63.44 and a twelve month high of $87.42. The firm has a 50-day simple moving average of $77.42 and a two-hundred day simple moving average of $77.14. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.05.

Customers Bancorp (NYSE:CUBI – Get Free Report) last posted its earnings results on Thursday, October 22nd. The bank reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.13. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. The firm had revenue of $240.24 million during the quarter, compared to analyst estimates of $237.18 million. During the same period in the previous year, the firm earned $2.20 EPS. As a group, analysts anticipate that Customers Bancorp will post 8.43 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Jay Sidhu sold 68,821 shares of Customers Bancorp stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value of $5,511,873.89. Following the sale, the chairman owned 667,757 shares of the company’s stock, valued at approximately $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 100,000 shares of company stock worth $7,981,084. Company insiders own 10.45% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Customers Bancorp during the second quarter worth $385,165,000. Wellington Management Group LLP lifted its holdings in Customers Bancorp by 3.8% during the second quarter. Wellington Management Group LLP now owns 4,035,500 shares of the bank’s stock valued at $319,208,000 after purchasing an additional 145,956 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Customers Bancorp by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank’s stock valued at $134,859,000 after purchasing an additional 65,954 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Customers Bancorp by 9.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 461,956 shares of the bank’s stock valued at $32,776,000 after purchasing an additional 40,104 shares during the period. Finally, Emerald Advisers LLC grew its position in shares of Customers Bancorp by 3.9% in the first quarter. Emerald Advisers LLC now owns 343,209 shares of the bank’s stock valued at $23,822,000 after purchasing an additional 12,899 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

About Customers Bancorp

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Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.

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Analyst Recommendations for Customers Bancorp (NYSE:CUBI)

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