Customers Bancorp (NYSE:CUBI) Price Target Lowered to $84.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered its price target on Customers Bancorp (CUBI) from $90 to $84 but maintained an "overweight" rating, implying roughly an 18.4% upside from the recent close.
• Customers Bancorp beat quarterly expectations, reporting $2.06 EPS (vs. $2.04) and $236.9M revenue, and its board authorized a $100 million share repurchase program (about 4% of shares).
• The stock has an average analyst consensus of "Moderate Buy" with an average price target of $86.42; CUBI trades near $70.94, with a market cap of $2.43B and a P/E of 11.44.

Customers Bancorp (NYSE:CUBI - Get Free Report) had its price target decreased by JPMorgan Chase & Co. from $90.00 to $84.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 18.41% from the stock's previous close.

CUBI has been the topic of a number of other reports. Weiss Ratings raised Customers Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 2nd. Zacks Research lowered shares of Customers Bancorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 10th. DA Davidson lifted their price objective on shares of Customers Bancorp from $93.00 to $95.00 and gave the company a "buy" rating in a research report on Monday, January 26th. Stephens raised shares of Customers Bancorp from an "underweight" rating to an "equal weight" rating and set a $71.00 target price on the stock in a report on Monday, March 16th. Finally, Morgan Stanley cut their target price on shares of Customers Bancorp from $92.00 to $83.00 and set an "equal weight" rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $86.42.

Customers Bancorp Price Performance

Customers Bancorp stock traded up $1.53 during mid-day trading on Wednesday, hitting $70.94. The stock had a trading volume of 175,980 shares, compared to its average volume of 404,532. The firm has a market capitalization of $2.43 billion, a P/E ratio of 11.44 and a beta of 1.66. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. The firm's 50 day moving average is $71.55 and its 200 day moving average is $70.37. Customers Bancorp has a one year low of $40.75 and a one year high of $82.56.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $2.06 EPS for the quarter, beating analysts' consensus estimates of $2.04 by $0.02. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.The business had revenue of $236.90 million for the quarter, compared to analysts' expectations of $200.38 million. During the same period last year, the firm earned $1.36 earnings per share. On average, sell-side analysts forecast that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.

Customers Bancorp declared that its board has authorized a share repurchase plan on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Customers Bancorp

Several institutional investors have recently bought and sold shares of CUBI. Rockefeller Capital Management L.P. grew its stake in shares of Customers Bancorp by 528.3% in 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. Corient Private Wealth LLC bought a new position in shares of Customers Bancorp in the 4th quarter valued at about $219,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Customers Bancorp in the 4th quarter valued at about $277,000. Summit Global Investments purchased a new position in Customers Bancorp in the fourth quarter worth about $580,000. Finally, EP Wealth Advisors LLC bought a new stake in Customers Bancorp during the fourth quarter worth approximately $299,000. Institutional investors own 89.29% of the company's stock.

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.

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