Customers Bancorp (NYSE:CUBI) Given New $100.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Customers Bancorp’s price target to $100 from $92 and maintained an “overweight” rating, implying approximately 16.9% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $93.73; Piper Sandler also raised its target to $102.
• Customers Bancorp shares rose 1.2% to $85.56, while the bank reported quarterly EPS of $2.27, exceeding estimates by $0.13, and revenue of $240.24 million.

Customers Bancorp (NYSE:CUBI - Get Free Report) had its target price lifted by research analysts at JPMorgan Chase & Co. from $92.00 to $100.00 in a research note issued on Monday, Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 16.87% from the stock's previous close.

A number of other brokerages have also issued reports on CUBI. Morgan Stanley restated an "underweight" rating and set a $97.00 price target on shares of Customers Bancorp in a research note on Monday. Fundamental Research set a $94.00 price objective on shares of Customers Bancorp in a report on Wednesday, July 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Customers Bancorp in a report on Friday, September 25th. DA Davidson upped their target price on Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Finally, Piper Sandler restated an "overweight" rating and issued a $102.00 target price (up from $92.00) on shares of Customers Bancorp in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Customers Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $93.73.

Customers Bancorp Stock Up 1.2%

Shares of CUBI traded up $1.02 during mid-day trading on Monday, hitting $85.56. 114,535 shares of the company traded hands, compared to its average volume of 339,045. The company has a market capitalization of $2.89 billion, a PE ratio of 10.37 and a beta of 1.52. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.05. The business has a 50 day moving average of $77.42 and a 200 day moving average of $77.14. Customers Bancorp has a 1-year low of $63.44 and a 1-year high of $87.42.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The bank reported $2.27 EPS for the quarter, beating the consensus estimate of $2.14 by $0.13. The firm had revenue of $240.24 million during the quarter, compared to analyst estimates of $237.18 million. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. During the same period last year, the firm posted $2.20 EPS. Equities research analysts anticipate that Customers Bancorp will post 8.43 EPS for the current year.

Insider Buying and Selling

In other news, Chairman Jay Sidhu sold 68,821 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value of $5,511,873.89. Following the sale, the chairman directly owned 667,757 shares of the company's stock, valued at $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 100,000 shares of company stock worth $7,981,084. Insiders own 10.45% of the company's stock.

Institutional Trading of Customers Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in CUBI. BlackRock Inc. purchased a new position in shares of Customers Bancorp during the second quarter worth $385,165,000. Wellington Management Group LLP boosted its holdings in Customers Bancorp by 3.8% in the second quarter. Wellington Management Group LLP now owns 4,035,500 shares of the bank's stock valued at $319,208,000 after purchasing an additional 145,956 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Customers Bancorp by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank's stock valued at $134,859,000 after purchasing an additional 65,954 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Customers Bancorp by 9.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 461,956 shares of the bank's stock valued at $32,776,000 after purchasing an additional 40,104 shares during the last quarter. Finally, Emerald Advisers LLC grew its position in Customers Bancorp by 3.9% during the 1st quarter. Emerald Advisers LLC now owns 343,209 shares of the bank's stock worth $23,822,000 after purchasing an additional 12,899 shares during the period. Institutional investors and hedge funds own 89.29% of the company's stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.

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