Wedbush Cuts Customers Bancorp (NYSE:CUBI) Price Target to $61.00

Customers Bancorp (NYSE:CUBI) had its target price decreased by investment analysts at Wedbush from $63.00 to $61.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Wedbush’s price target suggests a potential upside of 32.12% from the company’s current price.

Several other brokerages also recently issued reports on CUBI. B. Riley raised their price objective on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, January 29th. Raymond James raised their target price on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Finally, Jefferies Financial Group raised their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and an average price target of $61.29.

Customers Bancorp Stock Down 6.8 %

Shares of CUBI traded down $3.36 during midday trading on Friday, reaching $46.17. The stock had a trading volume of 386,685 shares, compared to its average volume of 286,680. Customers Bancorp has a 1-year low of $15.80 and a 1-year high of $60.09. The company’s fifty day simple moving average is $51.63 and its two-hundred day simple moving average is $48.89. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 6.26 and a beta of 1.67. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.93 and a quick ratio of 0.91.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.06. The firm had revenue of $181.62 million for the quarter, compared to the consensus estimate of $183.48 million. Customers Bancorp had a net margin of 17.23% and a return on equity of 18.75%. The company’s revenue was up 8.1% on a year-over-year basis. During the same period last year, the firm posted $1.58 EPS. Equities research analysts expect that Customers Bancorp will post 6.85 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. BluePath Capital Management LLC acquired a new stake in Customers Bancorp in the third quarter valued at $31,000. GAMMA Investing LLC acquired a new stake in Customers Bancorp in the fourth quarter valued at $78,000. Counterpoint Mutual Funds LLC bought a new stake in Customers Bancorp during the third quarter valued at $87,000. C M Bidwell & Associates Ltd. bought a new stake in Customers Bancorp during the third quarter valued at $112,000. Finally, Federated Hermes Inc. increased its stake in Customers Bancorp by 29,550.0% during the third quarter. Federated Hermes Inc. now owns 3,558 shares of the bank’s stock valued at $123,000 after purchasing an additional 3,546 shares during the last quarter. 89.29% of the stock is 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.