TD Cowen Initiates Coverage on Customers Bancorp (NYSE:CUBI)

Key Points

• TD Cowen has initiated coverage on Customers Bancorp (NYSE:CUBI) with a "buy" rating and a price target of $89.00, suggesting a potential upside of 35.18% from its current price.
• Multiple analysts have recently increased their price targets for Customers Bancorp, with ratings ranging from "Strong Buy" to "Hold." The average price target across analysts is $74.50.
• In its latest quarterly earnings report, Customers Bancorp posted an EPS of $1.80, exceeding expectations and reflecting a 3.8% year-over-year revenue increase.

Investment analysts at TD Cowen initiated coverage on shares of Customers Bancorp (NYSE:CUBI - Get Free Report) in a research report issued on Thursday. The brokerage set a "buy" rating and a $89.00 price target on the bank's stock. TD Cowen's price objective points to a potential upside of 35.18% from the stock's current price.

A number of other equities research analysts also recently weighed in on CUBI. Stephens lifted their target price on Customers Bancorp from $55.00 to $62.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods lifted their target price on Customers Bancorp from $71.00 to $76.00 and gave the stock a "market perform" rating in a report on Friday, September 5th. B. Riley lifted their target price on Customers Bancorp from $85.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday. Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, DA Davidson lifted their target price on Customers Bancorp from $69.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Customers Bancorp currently has an average rating of "Moderate Buy" and an average price target of $74.50.

Customers Bancorp Stock Performance

Customers Bancorp stock opened at $65.84 on Thursday. The business has a 50 day moving average of $66.29 and a 200-day moving average of $57.04. Customers Bancorp has a 1 year low of $40.75 and a 1 year high of $72.51. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market capitalization of $2.08 billion, a P/E ratio of 16.30 and a beta of 1.62.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $1.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.30. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%.The company had revenue of $206.31 million during the quarter, compared to the consensus estimate of $170.81 million. During the same period last year, the company earned $1.49 earnings per share. The firm's revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Customers Bancorp will post 6.45 earnings per share for the current year.

Hedge Funds Weigh In On Customers Bancorp

Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in Customers Bancorp by 5.2% during the 1st quarter. Russell Investments Group Ltd. now owns 80,652 shares of the bank's stock worth $4,049,000 after acquiring an additional 3,958 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Customers Bancorp by 34.9% in the first quarter. Allianz Asset Management GmbH now owns 8,500 shares of the bank's stock worth $427,000 after purchasing an additional 2,200 shares during the last quarter. Intech Investment Management LLC boosted its position in Customers Bancorp by 20.3% in the first quarter. Intech Investment Management LLC now owns 67,262 shares of the bank's stock worth $3,377,000 after purchasing an additional 11,346 shares during the last quarter. Principal Financial Group Inc. boosted its position in Customers Bancorp by 2.7% in the first quarter. Principal Financial Group Inc. now owns 145,201 shares of the bank's stock worth $7,289,000 after purchasing an additional 3,802 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Customers Bancorp by 6,283.2% in the first quarter. GAMMA Investing LLC now owns 94,727 shares of the bank's stock worth $4,755,000 after purchasing an additional 93,243 shares during the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

About Customers Bancorp

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.

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