Customers Bancorp (NYSE:CUBI) Price Target Cut to $63.00 by Analysts at Hovde Group

Customers Bancorp (NYSE:CUBI - Free Report) had its price target cut by Hovde Group from $66.00 to $63.00 in a report published on Thursday morning, Marketbeat.com reports. They currently have an outperform rating on the bank's stock.

Other equities analysts also recently issued research reports about the company. Raymond James upped their target price on Customers Bancorp from $65.00 to $72.00 and gave the company a strong-buy rating in a report on Monday, January 29th. Jefferies Financial Group lifted their target price on Customers Bancorp from $61.00 to $64.00 and gave the company a buy rating in a research report on Monday, April 8th. B. Riley boosted their price objective on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a buy rating in a research note on Monday, January 29th. Finally, Wedbush decreased their price objective on Customers Bancorp from $63.00 to $61.00 and set an outperform rating on the stock in a report on Friday, April 26th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $61.50.

Customers Bancorp Trading Up 2.8 %

NYSE:CUBI traded up $1.31 on Thursday, hitting $47.40. 331,260 shares of the stock were exchanged, compared to its average volume of 314,810. The stock has a market cap of $1.49 billion, a PE ratio of 6.43 and a beta of 1.67. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89. Customers Bancorp has a fifty-two week low of $15.80 and a fifty-two week high of $60.09. The stock has a fifty day moving average of $51.02 and a 200-day moving average of $49.39.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.05. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.17%. The business had revenue of $181.62 million during the quarter, compared to analyst estimates of $183.48 million. During the same quarter in the previous year, the firm earned $1.58 earnings per share. The business's revenue was up 8.1% compared to the same quarter last year. As a group, equities analysts expect that Customers Bancorp will post 6.6 earnings per share for the current fiscal year.

Insider Transactions at Customers Bancorp

In other news, CFO Carla A. Leibold sold 35,832 shares of the firm's stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the transaction, the chief financial officer now owns 41,224 shares of the company's stock, valued at $2,191,055.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Customers Bancorp news, CFO Carla A. Leibold sold 35,832 shares of the firm's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the completion of the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the transaction, the insider now owns 69,428 shares in the company, valued at approximately $3,762,997.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CUBI. Dimensional Fund Advisors LP raised its holdings in Customers Bancorp by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,153,952 shares of the bank's stock worth $124,114,000 after acquiring an additional 40,134 shares during the period. Wellington Management Group LLP raised its stake in Customers Bancorp by 28.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank's stock worth $73,454,000 after buying an additional 475,907 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Customers Bancorp by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 407,920 shares of the bank's stock valued at $23,504,000 after buying an additional 35,230 shares during the period. American Century Companies Inc. grew its position in Customers Bancorp by 14.6% in the third quarter. American Century Companies Inc. now owns 364,767 shares of the bank's stock valued at $12,566,000 after purchasing an additional 46,347 shares in the last quarter. Finally, LSV Asset Management lifted its stake in Customers Bancorp by 7.8% in the third quarter. LSV Asset Management now owns 364,500 shares of the bank's stock valued at $12,557,000 after acquiring an additional 26,331 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.