Wedbush Trims Customers Bancorp (NYSE:CUBI) Target Price to $61.00

Customers Bancorp (NYSE:CUBI) had its target price cut by Wedbush from $63.00 to $61.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the bank’s stock. Wedbush also issued estimates for Customers Bancorp’s Q2 2024 earnings at $1.72 EPS, Q1 2025 earnings at $1.88 EPS, Q2 2025 earnings at $1.86 EPS, Q3 2025 earnings at $1.92 EPS and Q4 2025 earnings at $1.89 EPS.

A number of other equities research analysts have also recently commented on the company. Raymond James raised their price objective on Customers Bancorp from $65.00 to $72.00 and gave the company a strong-buy rating in a research note on Monday, January 29th. B. Riley boosted their target price on Customers Bancorp from $62.00 to $77.00 and gave the stock a buy rating in a research note on Monday, January 29th. Finally, Jefferies Financial Group boosted their target price on Customers Bancorp from $61.00 to $64.00 and gave the stock a buy rating in a research note on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $61.29.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $46.82 on Friday. The stock has a market cap of $1.47 billion, a P/E ratio of 6.54 and a beta of 1.67. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.92. The stock’s 50-day moving average is $51.40 and its 200-day moving average is $49.10. Customers Bancorp has a 1-year low of $15.80 and a 1-year high of $60.09.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, beating the consensus estimate of $1.62 by $0.06. Customers Bancorp had a return on equity of 18.62% and a net margin of 16.88%. The business had revenue of $181.62 million for the quarter, compared to analysts’ expectations of $183.48 million. During the same period in the prior year, the business posted $1.58 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. Equities research analysts anticipate that Customers Bancorp will post 6.85 earnings per share for the current year.

Insider Activity at Customers Bancorp

In related news, insider Glenn Hedde sold 666 shares of the company’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 transaction, the insider now owns 69,428 shares in the company, valued at $3,762,997.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Customers Bancorp 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 transaction of $36,097.20. Following the sale, the insider now owns 69,428 shares in the company, valued at $3,762,997.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the sale, the chief financial officer now owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Customers Bancorp by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,153,952 shares of the bank’s stock worth $124,114,000 after purchasing an additional 40,134 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Customers Bancorp by 28.7% during the third quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock worth $73,454,000 after purchasing an additional 475,907 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Customers Bancorp by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 407,920 shares of the bank’s stock worth $23,504,000 after purchasing an additional 35,230 shares during the period. American Century Companies Inc. boosted its holdings in shares of Customers Bancorp by 14.6% during the third quarter. American Century Companies Inc. now owns 364,767 shares of the bank’s stock worth $12,566,000 after purchasing an additional 46,347 shares during the period. Finally, LSV Asset Management boosted its holdings in shares of Customers Bancorp by 7.8% during the third quarter. LSV Asset Management now owns 364,500 shares of the bank’s stock worth $12,557,000 after purchasing an additional 26,331 shares during the period. Institutional investors own 89.29% of the company’s stock.

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.