Customers Bancorp (NYSE:CUBI) Cut to Underweight at Stephens

Stephens lowered shares of Customers Bancorp (NYSE:CUBI) from an equal weight rating to an underweight rating in a report released on Friday, Marketbeat Ratings reports. Stephens currently has $71.00 price target on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. B. Riley Financial reiterated a “buy” rating on shares of Customers Bancorp in a research report on Monday, January 26th. Hovde Group increased their price objective on Customers Bancorp from $70.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. TD Cowen reissued a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $95.00 price target on shares of Customers Bancorp in a report on Tuesday, January 6th. Finally, Zacks Research upgraded shares of Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $87.80.

Customers Bancorp Trading Down 0.6%

NYSE:CUBI opened at $76.25 on Friday. Customers Bancorp has a 1 year low of $40.75 and a 1 year high of $82.56. The stock’s fifty day moving average price is $75.60 and its two-hundred day moving average price is $69.65. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $2.61 billion, a P/E ratio of 12.30 and a beta of 1.65.

Customers Bancorp (NYSE:CUBI) last announced its quarterly 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. The company had revenue of $236.90 million during the quarter, compared to analysts’ expectations of $200.38 million. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.During the same period in the previous year, the business earned $1.36 earnings per share. As a group, analysts expect that Customers Bancorp will post 6.45 EPS for the current year.

Insider Buying and Selling

In other news, EVP Philip Watkins sold 2,900 shares of the company’s stock in a transaction on Monday, November 24th. The shares were 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 of the company’s stock, valued at approximately $3,307,218.96. This represents a 5.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jay S. Sidhu sold 128,185 shares of Customers Bancorp stock in a transaction 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 completion of the transaction, the chief executive officer owned 790,031 shares in the company, valued at approximately $54,851,852.33. The trade was a 13.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 165,870 shares of company stock valued at $11,471,510. Company insiders own 8.69% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Anatole Investment Management Ltd purchased a new stake in Customers Bancorp during the 2nd quarter valued at $17,593,000. Millennium Management LLC increased its position in shares of Customers Bancorp by 448.8% in the third quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock valued at $21,427,000 after acquiring an additional 268,056 shares during the period. Emerald Advisers LLC bought a new position in shares of Customers Bancorp during the third quarter valued at about $15,150,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Customers Bancorp by 247,273.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock worth $16,279,000 after purchasing an additional 222,546 shares during the period. Finally, Balyasny Asset Management L.P. grew its stake in shares of Customers Bancorp by 3,173.3% in the third quarter. Balyasny Asset Management L.P. now owns 158,429 shares of the bank’s stock worth $10,357,000 after purchasing an additional 153,589 shares during the last quarter. Institutional investors own 89.29% of the company’s stock.

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.