Customers Bancorp (NYSE:CUBI) Stock Price Target Lowered at TD Cowen

Key Points

• TD Cowen lowered Customers Bancorp’s price target to $91 from $94 while maintaining a “buy” rating, implying 20.52% upside from the stock’s previous close.
• Analyst sentiment remains broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $90.82, despite mixed individual recommendations.
• Customers Bancorp reported quarterly EPS of $2.05, exceeding the $2.00 consensus estimate, while revenue rose 10.2% year over year to $227.28 million.

Customers Bancorp (NYSE:CUBI - Get Free Report) had its price objective cut by equities researchers at TD Cowen from $94.00 to $91.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. TD Cowen's target price indicates a potential upside of 20.52% from the stock's previous close.

A number of other brokerages also recently issued reports on CUBI. Weiss Ratings reiterated a "buy (b)" rating on shares of Customers Bancorp in a report on Friday, September 25th. Morgan Stanley cut Customers Bancorp from an "equal weight" rating to an "underweight" rating and upped their price objective for the stock from $88.00 to $89.00 in a research note on Tuesday, September 8th. DA Davidson raised their price objective on Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. cut their target price on Customers Bancorp from $96.00 to $92.00 and set an "overweight" rating on the stock in a research note on Thursday. Finally, Fundamental Research set a $94.00 target price on shares of Customers Bancorp in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $90.82.

Customers Bancorp Stock Up 0.0%

NYSE CUBI traded up $0.04 during trading on Monday, reaching $75.50. 31,805 shares of the company's stock traded hands, compared to its average volume of 341,023. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 9.25 and a beta of 1.52. The company's 50 day simple moving average is $79.11 and its two-hundred day simple moving average is $76.37. Customers Bancorp has a 12-month low of $59.34 and a 12-month high of $84.38.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The firm had revenue of $227.28 million during the quarter, compared to analysts' expectations of $229.24 million. During the same quarter in the prior year, the company earned $1.80 EPS. The company's revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Customers Bancorp will post 8.44 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Jay Sidhu sold 68,821 shares of the stock in a transaction that occurred 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 completion of the transaction, the chairman directly owned 667,757 shares of the company's stock, valued at $53,480,658.13. This trade represents a 9.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 100,000 shares of company stock worth $7,981,084 in the last 90 days. Corporate insiders own 10.45% of the company's stock.

Institutional Trading of Customers Bancorp

Large investors have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Customers Bancorp by 6.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,104 shares of the bank's stock worth $562,000 after buying an additional 461 shares during the last quarter. WINTON GROUP Ltd grew its holdings in shares of Customers Bancorp by 43.7% during the second quarter. WINTON GROUP Ltd now owns 29,848 shares of the bank's stock valued at $2,361,000 after buying an additional 9,073 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Customers Bancorp in the 2nd quarter valued at $71,000. Squarepoint Ops LLC increased its position in shares of Customers Bancorp by 39.9% in the 2nd quarter. Squarepoint Ops LLC now owns 137,530 shares of the bank's stock valued at $10,879,000 after acquiring an additional 39,215 shares during the period. Finally, Arcus Capital Partners LLC increased its position in shares of Customers Bancorp by 20.3% in the 2nd quarter. Arcus Capital Partners LLC now owns 11,276 shares of the bank's stock valued at $892,000 after acquiring an additional 1,899 shares during the period. Hedge funds and other institutional investors own 89.29% of the company's stock.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company whose principal subsidiary, Customers Bank, provides commercial and consumer banking services. The bank offers deposit accounts, commercial and residential real estate lending, business loans, equipment financing, consumer loans and other credit products. It also provides treasury management, payment and cash-management services for business and institutional customers.

Customers Bank focuses on serving small and mid-sized businesses, entrepreneurs, professionals, consumers and select institutional clients.

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