Customers Bancorp, Inc (NYSE:CUBI) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Customers Bancorp has a “Moderate Buy” consensus rating from 12 analysts, with six buys, five holds and one strong buy. The average 12-month price target is $90.69, above the reported share price of $82.11.
• The bank exceeded quarterly earnings expectations, reporting $2.05 in EPS versus the $2.00 consensus estimate. Revenue reached $227.28 million, up 10.2% year over year, though slightly below forecasts.
• Institutional investors own 89.29% of the company, while insiders sold 163,315 shares worth approximately $12.8 million over the past three months.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twelve ratings firms that are currently covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $90.6923.

A number of equities research analysts recently issued reports on the stock. Hovde Group lifted their price target on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a "market perform" rating in a research note on Tuesday, April 28th. Piper Sandler upped their price objective on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Morgan Stanley increased their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of Customers Bancorp in a research report on Monday, June 29th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 1st.

Insiders Place Their Bets

In related news, EVP Philip Watkins sold 3,000 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $75.67, for a total transaction of $227,010.00. Following the completion of the sale, the executive vice president directly owned 43,993 shares in the company, valued at approximately $3,328,950.31. The trade was a 6.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Jay S. Sidhu sold 68,821 shares of the 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 completion of the transaction, the chairman directly owned 667,757 shares of the company's stock, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 163,315 shares of company stock worth $12,805,906. Corporate insiders own 10.45% of the company's stock.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds have recently modified their holdings of CUBI. Northwestern Mutual Wealth Management Co. grew its stake in Customers Bancorp by 247,273.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank's stock valued at $16,279,000 after acquiring an additional 222,546 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Customers Bancorp by 213.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 66,516 shares of the bank's stock worth $4,864,000 after purchasing an additional 45,299 shares in the last quarter. HighTower Advisors LLC purchased a new position in Customers Bancorp in the 4th quarter worth approximately $1,534,000. Intech Investment Management LLC boosted its holdings in shares of Customers Bancorp by 255.1% during the 4th quarter. Intech Investment Management LLC now owns 120,617 shares of the bank's stock worth $8,820,000 after purchasing an additional 86,654 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. acquired a new position in shares of Customers Bancorp during the 4th quarter worth approximately $768,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $82.11 on Friday. The company has a market capitalization of $2.78 billion, a P/E ratio of 10.01 and a beta of 1.49. The business's 50 day moving average is $77.47 and its two-hundred day moving average is $74.70. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. Customers Bancorp has a 12-month low of $59.34 and a 12-month high of $83.95.

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

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source