Customers Bancorp, Inc (CUBI) Upgraded to Hold by BidaskClub
Customers Bancorp, Inc (NYSE:CUBI) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
CUBI has been the subject of several other research reports. Zacks Investment Research lowered Customers Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $36.00 price objective on shares of Customers Bancorp in a report on Friday, June 30th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $39.50.
Customers Bancorp (NYSE CUBI) traded up 0.89% on Friday, hitting $30.61. The stock had a trading volume of 105,889 shares. Customers Bancorp has a 52 week low of $24.37 and a 52 week high of $36.93. The firm has a 50-day moving average of $28.49 and a 200 day moving average of $29.51. The company has a market capitalization of $940.65 million, a price-to-earnings ratio of 12.52 and a beta of 0.65.
Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Wednesday, July 26th. The bank reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.16. Customers Bancorp had a return on equity of 15.93% and a net margin of 22.81%. The firm had revenue of $68.62 million during the quarter, compared to analysts’ expectations of $67.14 million. During the same quarter in the previous year, the business earned $0.67 earnings per share. The company’s revenue was up 9.9% on a year-over-year basis. On average, analysts predict that Customers Bancorp will post $2.67 earnings per share for the current year.
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Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in shares of Customers Bancorp by 2.8% in the second quarter. BlackRock Inc. now owns 3,584,410 shares of the bank’s stock worth $101,365,000 after acquiring an additional 97,085 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Customers Bancorp by 18.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,977,458 shares of the bank’s stock worth $55,924,000 after acquiring an additional 301,538 shares during the period. Vanguard Group Inc. grew its holdings in shares of Customers Bancorp by 3.5% in the second quarter. Vanguard Group Inc. now owns 1,502,298 shares of the bank’s stock worth $42,485,000 after acquiring an additional 50,545 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Customers Bancorp by 37.1% in the first quarter. Victory Capital Management Inc. now owns 1,177,660 shares of the bank’s stock worth $37,132,000 after acquiring an additional 318,752 shares during the period. Finally, State Street Corp grew its holdings in shares of Customers Bancorp by 7.6% in the second quarter. State Street Corp now owns 1,114,816 shares of the bank’s stock worth $31,530,000 after acquiring an additional 78,363 shares during the period. 87.53% of the stock is owned by institutional investors.
Customers Bancorp Company Profile
Customers Bancorp, Inc (Customers Bancorp) is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches and offices in Southeastern Pennsylvania (Bucks, Berks, Chester, Delaware and Philadelphia Counties), Rye Brook, Melville and New York, New York (Westchester, Suffolk and New York Counties), Hamilton, New Jersey (Mercer County), Providence, Rhode Island (Providence County), Portsmouth, New Hampshire (Rockingham County) and Boston, Massachusetts (Suffolk County).
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