Customers Bancorp (NYSE:CUBI) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Customers Bancorp (NYSE:CUBI) in a report released on Friday morning, Marketbeat.com reports. The firm issued an overweight rating and a $90.00 target price on the bank’s stock.

A number of other research firms also recently weighed in on CUBI. Morgan Stanley lifted their price target on shares of Customers Bancorp from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday, March 2nd. DA Davidson raised their price objective on Customers Bancorp from $93.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. B. Riley Financial reaffirmed a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. Wall Street Zen downgraded Customers Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, January 25th. Finally, Stephens lowered Customers Bancorp from an “equal weight” rating to an “underweight” rating and set a $71.00 target price on the stock. in a report on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.18.

Customers Bancorp Price Performance

NYSE:CUBI opened at $67.45 on Friday. Customers Bancorp has a 52 week low of $40.75 and a 52 week high of $82.56. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 10.88 and a beta of 1.66. The firm’s 50-day simple moving average is $74.78 and its 200 day simple moving average is $70.64. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.02. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. The business had revenue of $236.90 million during the quarter, compared to analysts’ expectations of $200.38 million. During the same quarter in the previous year, the company earned $1.36 EPS. As a group, sell-side analysts predict that Customers Bancorp will post 6.45 earnings per share for the current year.

Customers Bancorp announced that its board has initiated a stock buyback program on Wednesday, February 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of 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 purchasing an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Customers Bancorp by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after buying an additional 786 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Customers Bancorp by 71.4% during the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after buying an additional 114,430 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Customers Bancorp during the 1st quarter worth $37,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Customers Bancorp by 17.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 22,328 shares of the bank’s stock worth $1,312,000 after buying an additional 3,253 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About Customers Bancorp

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.