Customers Bancorp, Inc (CUBI) Rating Increased to Strong-Buy at Zacks Investment Research
Customers Bancorp, Inc (NYSE:CUBI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $36.00 target price on the bank’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 16.17% from the company’s previous close.
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. “
Other analysts have also issued reports about the stock. BidaskClub upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, September 23rd. Keefe, Bruyette & Woods restated a “hold” rating and set a $36.00 price target on shares of Customers Bancorp in a research report on Friday, June 30th. Maxim Group restated a “buy” rating and set a $50.00 price target on shares of Customers Bancorp in a research report on Friday. Finally, Boenning Scattergood lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $40.50.
Customers Bancorp (NYSE CUBI) traded down 1.02% during midday trading on Tuesday, hitting $30.99. The company had a trading volume of 401,402 shares. Customers Bancorp has a 52 week low of $24.68 and a 52 week high of $36.93. The firm’s 50 day moving average is $30.99 and its 200-day moving average is $29.58. The firm has a market capitalization of $952.32 million, a P/E ratio of 12.67 and a beta of 0.67.
Customers Bancorp (NYSE:CUBI) last released its earnings results on Wednesday, July 26th. The bank reported $0.78 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.16. The business had revenue of $68.62 million for the quarter, compared to analysts’ expectations of $67.14 million. Customers Bancorp had a return on equity of 15.93% and a net margin of 22.81%. The firm’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 earnings per share. On average, equities research analysts expect that Customers Bancorp will post $2.54 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of CUBI. Flinton Capital Management LLC boosted its position in Customers Bancorp by 176.7% during the second quarter. Flinton Capital Management LLC now owns 4,046 shares of the bank’s stock valued at $114,000 after buying an additional 2,584 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Customers Bancorp during the second quarter worth about $123,000. Nisa Investment Advisors LLC boosted its holdings in shares of Customers Bancorp by 8.7% during the second quarter. Nisa Investment Advisors LLC now owns 5,600 shares of the bank’s stock worth $158,000 after purchasing an additional 450 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Customers Bancorp by 80.2% during the second quarter. State of Alaska Department of Revenue now owns 5,657 shares of the bank’s stock worth $159,000 after purchasing an additional 2,517 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in shares of Customers Bancorp during the second quarter worth about $205,000. Institutional investors and hedge funds own 87.82% of the company’s stock.
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 Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches and offices in Southeastern Pennsylvania (Bucks, Berks, Chester, Delaware and Philadelphia Counties), Rye Brook, Melville and New York, New York (Westchester, Suffolk and New York Counties), Hamilton, New Jersey (Mercer County), Providence, Rhode Island (Providence County), Portsmouth, New Hampshire (Rockingham County) and Boston, Massachusetts (Suffolk County).
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