Hovde Group Cuts Customers Bancorp (NYSE:CUBI) Price Target to $63.00

Customers Bancorp (NYSE:CUBI) had its price target decreased by research analysts at Hovde Group from $66.00 to $63.00 in a research report issued on Thursday, Briefing.com reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s price target indicates a potential upside of 36.78% from the stock’s previous close.

Several other research firms also recently weighed in on CUBI. Jefferies Financial Group lifted their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Wedbush lowered their target price on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. B. Riley increased their target price on Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, January 29th. Finally, Raymond James lifted their price target on Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a research report on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $61.50.

Customers Bancorp Trading Up 0.9 %

Shares of CUBI stock opened at $46.06 on Thursday. Customers Bancorp has a 12-month low of $15.80 and a 12-month high of $60.09. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.89. The company has a 50 day moving average of $51.14 and a 200-day moving average of $49.41. The firm has a market cap of $1.45 billion, a P/E ratio of 6.43 and a beta of 1.67.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Friday, April 26th. The bank reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.05. The firm had revenue of $181.62 million for the quarter, compared to analyst estimates of $183.48 million. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The business’s revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.58 earnings per share. Sell-side analysts anticipate that Customers Bancorp will post 6.6 earnings per share for the current year.

Insider Activity at Customers Bancorp

In related news, insider Glenn Hedde sold 666 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the transaction, the insider now owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Glenn Hedde sold 666 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the sale, the insider now owns 69,428 shares in the company, valued at approximately $3,762,997.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the transaction, the chief financial officer now owns 41,224 shares in the company, valued at $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by insiders.

Institutional Trading of Customers Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings in Customers Bancorp by 28.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock worth $73,454,000 after acquiring an additional 475,907 shares during the last quarter. Access Investment Management LLC purchased a new position in Customers Bancorp during the 4th quarter valued at $16,194,000. Federated Hermes Inc. raised its holdings in Customers Bancorp by 3,784.1% in the 4th quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock worth $7,963,000 after purchasing an additional 134,638 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Customers Bancorp by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock worth $10,554,000 after purchasing an additional 91,311 shares during the period. Finally, Eagle Asset Management Inc. bought a new stake in shares of Customers Bancorp during the 4th quarter valued at about $3,680,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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.