Customers Bancorp Inc. (CUBI) Stock Rating Lowered by Zacks Investment Research
Customers Bancorp Inc. (NYSE:CUBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “
A number of other analysts have also weighed in on CUBI. FBR & Co restated an “outperform” rating and issued a $32.00 target price on shares of Customers Bancorp in a research report on Friday, June 24th. Keefe, Bruyette & Woods cut their target price on shares of Customers Bancorp from $31.00 to $29.00 and set a “market perform” rating on the stock in a research report on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Customers Bancorp currently has a consensus rating of “Hold” and an average price target of $31.10.
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Shares of Customers Bancorp (NYSE:CUBI) traded down 2.54% during trading on Thursday, hitting $24.55. 135,793 shares of the stock traded hands. Customers Bancorp has a 1-year low of $21.66 and a 1-year high of $31.63. The firm has a market capitalization of $670.02 million, a price-to-earnings ratio of 10.92 and a beta of 0.61. The firm has a 50-day moving average of $25.64 and a 200-day moving average of $25.56.
Customers Bancorp (NYSE:CUBI) last issued its earnings results on Wednesday, July 20th. The company reported $0.60 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.60. Customers Bancorp had a net margin of 22.25% and a return on equity of 13.73%. During the same period last year, the company earned $0.52 EPS. On average, equities analysts forecast that Customers Bancorp will post $2.40 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors increased its position in Customers Bancorp by 147.9% in the second quarter. BlackRock Fund Advisors now owns 1,680,575 shares of the company’s stock valued at $42,233,000 after buying an additional 1,002,514 shares during the last quarter. Ameriprise Financial Inc. increased its position in Customers Bancorp by 1.6% in the second quarter. Ameriprise Financial Inc. now owns 1,620,721 shares of the company’s stock valued at $40,729,000 after buying an additional 25,352 shares during the last quarter. Vanguard Group Inc. increased its position in Customers Bancorp by 27.5% in the second quarter. Vanguard Group Inc. now owns 1,214,045 shares of the company’s stock valued at $30,508,000 after buying an additional 261,949 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Customers Bancorp by 13.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,089,067 shares of the company’s stock valued at $27,368,000 after buying an additional 130,880 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in Customers Bancorp by 11.9% in the second quarter. Alliancebernstein L.P. now owns 904,933 shares of the company’s stock valued at $22,741,000 after buying an additional 95,890 shares during the last quarter. 84.77% of the stock is owned by hedge funds and other institutional investors.
About Customers Bancorp
Customers Bancorp, Inc (Customers Bancorp) is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Company operates in the community banking segment. The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers.
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