Customers Bancorp (NYSE:CUBI) Price Target Raised to $89.00

Key Points

• Keefe, Bruyette & Woods raised Customers Bancorp’s price target to $89 from $88 while maintaining a “market perform” rating, implying 11.54% upside from the prior close. The stock has a consensus “Moderate Buy” rating and an average target of $90.69.
• Customers Bancorp reported quarterly EPS of $2.05, beating estimates of $2.00, while revenue reached $227.28 million and rose 10.2% year over year.
• Shares traded at $79.79, near the company’s 52-week high of $82.56. Insiders sold 94,494 shares worth approximately $7.3 million over the past 90 days, while institutional investors own 89.29% of the stock.

Customers Bancorp (NYSE:CUBI - Get Free Report) had its price target boosted by research analysts at Keefe, Bruyette & Woods from $88.00 to $89.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 11.54% from the company's previous close.

A number of other research firms also recently commented on CUBI. JPMorgan Chase & Co. boosted their price target on Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Hovde Group raised their target price on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a "market perform" rating in a report on Tuesday, April 28th. Weiss Ratings restated a "buy (b)" rating on shares of Customers Bancorp in a research report on Monday, June 29th. Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a report on Wednesday, July 1st. Finally, DA Davidson increased their price target on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $90.69.

Customers Bancorp Price Performance

NYSE:CUBI traded up $1.11 during trading hours on Monday, reaching $79.79. 127,091 shares of the company were exchanged, compared to its average volume of 362,613. The business has a 50 day moving average of $76.83 and a 200 day moving average of $74.53. Customers Bancorp has a 1-year low of $59.34 and a 1-year high of $82.56. 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 company has a market capitalization of $2.70 billion, a P/E ratio of 9.74 and a beta of 1.48.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.05. The firm 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 company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.80 EPS. Research analysts forecast that Customers Bancorp will post 8.43 EPS for the current year.

Insider Buying and Selling at Customers Bancorp

In other news, EVP Philip Watkins sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $75.67, for a total value of $227,010.00. Following the sale, the executive vice president directly owned 43,993 shares in the company, valued at approximately $3,328,950.31. This trade represents a 6.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Jay S. Sidhu sold 60,315 shares of Customers Bancorp stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the sale, the chairman directly owned 767,557 shares in the company, valued at $58,510,870.11. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 94,494 shares of company stock worth $7,294,032 over the last 90 days. Insiders own 10.45% of the company's stock.

Institutional Trading of Customers Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in shares of Customers Bancorp by 11.5% during the first quarter. Royal Bank of Canada now owns 5,344 shares of the bank's stock worth $269,000 after buying an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Customers Bancorp by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank's stock valued at $885,000 after acquiring an additional 786 shares in the last quarter. Millennium Management LLC grew its position in Customers Bancorp by 71.4% during the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank's stock worth $13,791,000 after acquiring an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Customers Bancorp during the 1st quarter worth $37,000. Finally, Creative Planning acquired a new position in Customers Bancorp in the 2nd quarter worth about $250,000. Institutional investors and hedge funds own 89.29% of the company's stock.

Customers Bancorp Company Profile

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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