JPMorgan Chase & Co. Cuts Customers Bancorp (NYSE:CUBI) Price Target to $92.00

Key Points

• JPMorgan cut Customers Bancorp’s price target from $96 to $92 while maintaining an “overweight” rating, implying approximately 28% upside from the reported $71.88 share price.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and an average price target of $91.18, despite Morgan Stanley’s “underweight” downgrade.
• Customers Bancorp shares fell 2.9% to $71.88; the bank recently exceeded quarterly EPS expectations, reporting $2.05 versus a $2.00 consensus estimate, while insiders have sold approximately 100,000 shares over the past 90 days.

Customers Bancorp (NYSE:CUBI - Get Free Report) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $96.00 to $92.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 28.00% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Fundamental Research set a $94.00 target price on Customers Bancorp in a report on Wednesday, July 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Customers Bancorp in a research report on Friday, September 25th. Morgan Stanley lowered shares of Customers Bancorp from an "equal weight" rating to an "underweight" rating and boosted their price target for the company from $88.00 to $89.00 in a research note on Tuesday, September 8th. Piper Sandler raised their price objective on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $91.18.

Customers Bancorp Stock Down 2.9%

Shares of CUBI traded down $2.12 during trading hours on Thursday, hitting $71.88. The stock had a trading volume of 173,041 shares, compared to its average volume of 339,598. Customers Bancorp has a 1-year low of $59.34 and a 1-year high of $84.38. The firm has a market capitalization of $2.43 billion, a P/E ratio of 8.76 and a beta of 1.47. The firm has a 50 day simple moving average of $79.18 and a 200-day simple moving average of $76.24. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $2.00 by $0.05. The business had revenue of $227.28 million for the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.80 EPS. Sell-side analysts predict that Customers Bancorp will post 8.43 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Jay Sidhu sold 68,821 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 100,000 shares of company stock worth $7,981,084 over the last 90 days. 10.45% of the stock is owned by insiders.

Hedge Funds Weigh In On Customers Bancorp

Hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in shares of Customers Bancorp during the second quarter valued at about $40,000. Bessemer Group Inc. grew its position in Customers Bancorp by 78.4% in the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock worth $37,000 after purchasing an additional 232 shares in the last quarter. Versant Capital Management Inc increased its stake in Customers Bancorp by 41.0% in the 2nd quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock valued at $44,000 after buying an additional 163 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Customers Bancorp in the 2nd quarter valued at about $71,000. Finally, Rockefeller Capital Management L.P. lifted its position in shares of Customers Bancorp by 528.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,445 shares of the bank's stock worth $106,000 after buying an additional 1,215 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.