JPMorgan Chase & Co. Issues Pessimistic Forecast for Customers Bancorp (NYSE:CUBI) Stock Price

Customers Bancorp (NYSE:CUBI) had its price target reduced by analysts at JPMorgan Chase & Co. from $96.00 to $92.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 28.00% from the company’s current price.

A number of other research firms also recently weighed in on CUBI. Morgan Stanley downgraded shares of Customers Bancorp from an “equal weight” rating to an “underweight” rating and increased their target price for the company from $88.00 to $89.00 in a research report on Tuesday, September 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Customers Bancorp in a report on Friday, September 25th. Piper Sandler upped their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods raised their target price on Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Finally, Fundamental Research set a $94.00 target price on Customers Bancorp in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $91.18.

Customers Bancorp Stock Performance

Shares of NYSE CUBI traded down $2.12 during mid-day trading on Thursday, reaching $71.88. 173,041 shares of the company’s stock were exchanged, compared to its average volume of 339,598. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 8.76 and a beta of 1.47. Customers Bancorp has a 52 week low of $59.34 and a 52 week high of $84.38. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50-day moving average price of $79.18 and a two-hundred day moving average price of $76.24.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05. The business had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.80 earnings per share. Analysts predict that Customers Bancorp will post 8.43 EPS for the current year.

Insider Activity at Customers Bancorp

In related news, Chairman Jay Sidhu sold 68,821 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value of $5,511,873.89. Following the completion of the transaction, the chairman directly owned 667,757 shares of the company’s stock, valued at approximately $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 100,000 shares of company stock worth $7,981,084. Corporate insiders own 10.45% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Institutional investors have recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. grew its position in shares of Customers Bancorp by 6.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,104 shares of the bank’s stock valued at $562,000 after purchasing an additional 461 shares in the last quarter. WINTON GROUP Ltd grew its holdings in Customers Bancorp by 43.7% during the 2nd quarter. WINTON GROUP Ltd now owns 29,848 shares of the bank’s stock valued at $2,361,000 after buying an additional 9,073 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Customers Bancorp during the 2nd quarter valued at about $71,000. Squarepoint Ops LLC increased its position in shares of Customers Bancorp by 39.9% during the second quarter. Squarepoint Ops LLC now owns 137,530 shares of the bank’s stock valued at $10,879,000 after buying an additional 39,215 shares during the period. Finally, Arcus Capital Partners LLC lifted its holdings in shares of Customers Bancorp by 20.3% in the second quarter. Arcus Capital Partners LLC now owns 11,276 shares of the bank’s stock worth $892,000 after buying an additional 1,899 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company whose principal subsidiary, Customers Bank, provides commercial and consumer banking services. The bank offers deposit accounts, commercial and residential real estate lending, business loans, equipment financing, consumer loans and other credit products. It also provides treasury management, payment and cash-management services for business and institutional customers.

Customers Bank focuses on serving small and mid-sized businesses, entrepreneurs, professionals, consumers and select institutional clients.