DA Davidson Boosts Customers Bancorp (NYSE:CUBI) Price Target to $95.00

Customers Bancorp (NYSE:CUBI) had its price target boosted by equities researchers at DA Davidson from $93.00 to $95.00 in a report released on Monday, MarketBeat.com reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s price target would suggest a potential upside of 24.95% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. B. Riley reaffirmed a “buy” rating on shares of Customers Bancorp in a report on Monday. Weiss Ratings reissued a “hold (c+)” rating on shares of Customers Bancorp in a research note on Monday, December 29th. TD Cowen restated a “buy” rating on shares of Customers Bancorp in a research report on Monday, October 27th. Morgan Stanley assumed coverage on Customers Bancorp in a research report on Monday, December 8th. They set an “equal weight” rating and a $90.00 price objective on the stock. Finally, Keefe, Bruyette & Woods upped their target price on Customers Bancorp from $76.00 to $82.00 and gave the company a “market perform” rating in a report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.50.

Customers Bancorp Trading Down 1.9%

Shares of Customers Bancorp stock opened at $76.03 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. Customers Bancorp has a twelve month low of $40.75 and a twelve month high of $82.56. The firm has a market capitalization of $2.60 billion, a PE ratio of 12.26 and a beta of 1.61. The firm’s 50-day moving average price is $73.91 and its 200 day moving average price is $68.83.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.02. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.The business had revenue of $236.90 million for the quarter, compared to the consensus estimate of $200.38 million. During the same quarter last year, the business posted $1.36 earnings per share. On average, sell-side analysts predict that Customers Bancorp will post 6.45 EPS for the current fiscal year.

Insider Activity

In other Customers Bancorp news, EVP Philip Watkins sold 2,900 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $65.04, for a total value of $188,616.00. Following the completion of the sale, the executive vice president owned 50,849 shares in the company, valued at approximately $3,307,218.96. The trade was a 5.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jay S. Sidhu sold 128,185 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $69.43, for a total transaction of $8,899,884.55. Following the transaction, the chief executive officer owned 790,031 shares in the company, valued at approximately $54,851,852.33. This trade represents a 13.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 211,900 shares of company stock valued at $14,595,664. Insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its position in Customers Bancorp by 11.5% in the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock valued at $269,000 after acquiring an additional 553 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Customers Bancorp by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after purchasing an additional 786 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Customers Bancorp by 71.4% during the first quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after purchasing an additional 114,430 shares during the period. Jones Financial Companies Lllp purchased a new position in Customers Bancorp in the 1st quarter valued at $37,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Customers Bancorp in the 2nd quarter valued at $239,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Company Profile

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.