JPMorgan Chase & Co. Issues Positive Forecast for Customers Bancorp (NYSE:CUBI) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target on Customers Bancorp from $86 to $94 and kept an overweight rating, implying about 16.8% upside from the prior close.
• Other analysts were also generally positive: several firms lifted targets or maintained buy-like ratings, and MarketBeat says the stock now has a Moderate Buy consensus with an average target of $89.62.
• Customers Bancorp reported strong Q1 results, beating EPS and revenue estimates, while the stock recently traded up to $80.47 and sits near its 52-week high.

Customers Bancorp (NYSE:CUBI - Get Free Report) had its target price raised by research analysts at JPMorgan Chase & Co. from $86.00 to $94.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 16.82% from the company's previous close.

A number of other equities research analysts have also weighed in on CUBI. DA Davidson boosted their target price on shares of Customers Bancorp from $91.00 to $93.00 and gave the company a "buy" rating in a research note on Monday, April 27th. Piper Sandler upped their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an "overweight" rating in a research report on Friday. Stephens raised 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. Hovde Group boosted their price target on Customers Bancorp from $80.00 to $86.00 and gave the company a "market perform" rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Customers Bancorp in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Customers Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $89.62.

Customers Bancorp Stock Up 1.7%

Shares of NYSE:CUBI traded up $1.36 during trading on Wednesday, reaching $80.47. 21,625 shares of the stock traded hands, compared to its average volume of 370,510. The stock has a 50-day moving average of $75.99 and a two-hundred day moving average of $74.23. Customers Bancorp has a 52-week low of $59.34 and a 52-week high of $82.56. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $2.72 billion, a P/E ratio of 10.23 and a beta of 1.49.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.88 by $0.09. The company had revenue of $225.40 million during the quarter, compared to analyst estimates of $223.51 million. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The firm's revenue for the quarter was up 57.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.54 EPS. As a group, sell-side analysts expect that Customers Bancorp will post 8.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Jay S. Sidhu sold 60,315 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the transaction, the chairman owned 767,557 shares of the company's stock, valued at approximately $58,510,870.11. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Philip Watkins sold 3,000 shares of the company's stock in a transaction dated 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 transaction, the executive vice president owned 43,993 shares in the company, valued at $3,328,950.31. This represents a 6.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in CUBI. Arax Advisory Partners increased its position in shares of Customers Bancorp by 218.9% during the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank's stock worth $26,000 after purchasing an additional 243 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Customers Bancorp in the third quarter worth about $29,000. Bessemer Group Inc. raised its position in shares of Customers Bancorp by 78.4% in the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock valued at $37,000 after purchasing an additional 232 shares during the last quarter. Transamerica Financial Advisors LLC lifted its stake in shares of Customers Bancorp by 216.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank's stock worth $43,000 after buying an additional 404 shares during the period. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Customers Bancorp during the first quarter valued at $37,000. Hedge funds and other institutional investors 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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