Hovde Group Trims Customers Bancorp (NYSE:CUBI) Target Price to $63.00

Customers Bancorp (NYSE:CUBI) had its price target cut by equities research analysts at Hovde Group from $66.00 to $63.00 in a research report issued to clients and investors on Thursday, Briefing.com reports. The brokerage presently has an “outperform” rating on the bank’s stock. Hovde Group’s price target would suggest a potential upside of 36.78% from the stock’s current price.

Other research analysts have also issued reports about the stock. 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. Wedbush lowered their price objective on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Jefferies Financial Group raised their target price on Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, B. Riley lifted their price target on Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Customers Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $61.50.

Customers Bancorp Stock Up 0.9 %

CUBI stock opened at $46.06 on Thursday. The stock has a market capitalization of $1.45 billion, a P/E ratio of 6.43 and a beta of 1.67. Customers Bancorp has a 52 week low of $15.80 and a 52 week high of $60.09. The firm has a 50-day simple moving average of $51.14 and a 200-day simple moving average of $49.41. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.89.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.05. The company had revenue of $181.62 million for the quarter, compared to analyst estimates of $183.48 million. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.58 EPS. Equities analysts forecast that Customers Bancorp will post 6.6 earnings per share for the current fiscal year.

Insider Activity 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 news, insider Glenn Hedde sold 666 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 69,428 shares in the company, valued at approximately $3,762,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction on 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 $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Customers Bancorp

Large investors have recently bought and sold shares of the stock. BluePath Capital Management LLC acquired a new stake in shares of Customers Bancorp in the third quarter valued at approximately $31,000. GAMMA Investing LLC purchased a new stake in Customers Bancorp in the 4th quarter valued at $78,000. C M Bidwell & Associates Ltd. acquired a new stake in Customers Bancorp during the 3rd quarter worth $112,000. Federated Hermes Inc. grew its position in Customers Bancorp by 29,550.0% during the 3rd quarter. Federated Hermes Inc. now owns 3,558 shares of the bank’s stock worth $123,000 after purchasing an additional 3,546 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Customers Bancorp in the fourth quarter valued at $209,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

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.