Zacks Investment Research Upgrades Customers Bancorp (CUBI) to Buy

Customers Bancorp (NYSE:CUBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $33.00 price target on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.24% from the stock’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. “

CUBI has been the subject of several other research reports. B. Riley reiterated a “buy” rating and set a $41.00 target price on shares of Customers Bancorp in a research report on Thursday, January 25th. ValuEngine upgraded shares of Customers Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Maxim Group restated a “buy” rating and issued a $50.00 target price on shares of Customers Bancorp in a research report on Friday, January 26th. Boenning Scattergood restated a “hold” rating on shares of Customers Bancorp in a research report on Friday, October 27th. Finally, BidaskClub lowered shares of Customers Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $38.60.

Shares of Customers Bancorp (NYSE CUBI) traded up $0.26 during trading hours on Thursday, hitting $29.40. The stock had a trading volume of 238,156 shares, compared to its average volume of 256,478. The company has a debt-to-equity ratio of 2.45, a current ratio of 1.23 and a quick ratio of 0.96. Customers Bancorp has a twelve month low of $24.75 and a twelve month high of $35.62. The stock has a market capitalization of $922.63, a P/E ratio of 14.92 and a beta of 0.75.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Wednesday, January 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.07). Customers Bancorp had a net margin of 18.64% and a return on equity of 14.11%. The company had revenue of $68.30 million during the quarter, compared to analysts’ expectations of $67.02 million. During the same quarter in the prior year, the company earned $0.62 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. sell-side analysts forecast that Customers Bancorp will post 2.75 EPS for the current year.

In other news, Director Rick Burkey sold 1,129 shares of Customers Bancorp stock in a transaction on Friday, December 8th. The shares were sold at an average price of $26.74, for a total transaction of $30,189.46. Following the transaction, the director now owns 40,919 shares in the company, valued at $1,094,174.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Richard A. Ehst sold 9,000 shares of Customers Bancorp stock in a transaction on Monday, November 27th. The stock was sold at an average price of $26.70, for a total transaction of $240,300.00. The disclosure for this sale can be found here. Insiders sold 60,635 shares of company stock worth $1,618,750 in the last 90 days. Company insiders own 8.67% of the company’s stock.

Several large investors have recently modified their holdings of the company. Flinton Capital Management LLC boosted its position in Customers Bancorp by 176.7% during the 2nd 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. GSA Capital Partners LLP acquired a new position in shares of Customers Bancorp during the 2nd quarter worth about $205,000. Piedmont Investment Advisors LLC acquired a new position in shares of Customers Bancorp during the 3rd quarter worth about $205,000. SG Americas Securities LLC boosted its stake in shares of Customers Bancorp by 69.7% during the 3rd quarter. SG Americas Securities LLC now owns 7,400 shares of the bank’s stock worth $241,000 after buying an additional 3,039 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Customers Bancorp during the 3rd quarter worth about $241,000. Institutional investors own 85.00% of the company’s stock.

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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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