Zacks Investment Research Downgrades Customers Bancorp, Inc (CUBI) to Hold
Customers Bancorp, Inc (NYSE:CUBI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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. “
Several other research firms have also recently weighed in on CUBI. BidaskClub cut shares of Customers Bancorp from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 16th. Boenning Scattergood cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating in a research report on Friday, October 20th. Finally, Maxim Group restated a “buy” rating and set a $50.00 price objective on shares of Customers Bancorp in a research report on Friday, October 20th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $40.50.
Shares of Customers Bancorp (CUBI) traded down 2.76% on Monday, reaching $27.80. 244,211 shares of the company’s stock traded hands. The company’s 50-day moving average price is $31.16 and its 200 day moving average price is $29.55. Customers Bancorp has a one year low of $24.68 and a one year high of $36.93. The firm has a market cap of $854.29 million, a P/E ratio of 11.37 and a beta of 0.67.
Customers Bancorp (NYSE:CUBI) last posted its earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.09). Customers Bancorp had a return on equity of 15.38% and a net margin of 19.75%. The firm had revenue of $86.05 million during the quarter, compared to analysts’ expectations of $80.32 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. On average, equities analysts forecast that Customers Bancorp will post $2.21 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of the company. Alps Advisors Inc. raised its position in shares of Customers Bancorp by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 14,590 shares of the bank’s stock valued at $413,000 after buying an additional 38 shares in the last quarter. Texas Permanent School Fund raised its position in shares of Customers Bancorp by 0.4% during the 1st quarter. Texas Permanent School Fund now owns 20,615 shares of the bank’s stock valued at $650,000 after buying an additional 75 shares in the last quarter. BLB&B Advisors LLC raised its position in shares of Customers Bancorp by 0.9% during the 3rd quarter. BLB&B Advisors LLC now owns 11,131 shares of the bank’s stock valued at $280,000 after buying an additional 100 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Customers Bancorp by 1.8% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 5,590 shares of the bank’s stock valued at $141,000 after buying an additional 100 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of Customers Bancorp by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 11,700 shares of the bank’s stock valued at $331,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 87.47% of the company’s stock.
Customers Bancorp Company Profile
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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