Customers Bancorp (CUBI) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Customers Bancorp (NYSE:CUBI) from a hold rating to a buy rating in a research note released on Thursday. They currently have $33.00 price target on the bank’s stock.
According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “
Other research analysts also recently issued research reports about the stock. B. Riley reiterated a buy rating and issued a $41.00 price target on shares of Customers Bancorp in a research note on Thursday, January 25th. ValuEngine raised shares of Customers Bancorp from a hold rating to a buy rating in a report on Friday, December 1st. Maxim Group reissued a buy rating and set a $50.00 price objective on shares of Customers Bancorp in a report on Wednesday, November 22nd. TheStreet cut shares of Customers Bancorp from a b rating to a c+ rating in a report on Wednesday, November 8th. Finally, Boenning Scattergood reissued a hold rating on shares of Customers Bancorp in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $38.60.
Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). Customers Bancorp had a return on equity of 14.11% and a net margin of 18.64%. The firm had revenue of $68.30 million during the quarter, compared to analysts’ expectations of $67.02 million. During the same quarter in the prior year, the firm earned $0.62 EPS. The firm’s revenue was up 6.6% compared to the same quarter last year. equities research analysts forecast that Customers Bancorp will post 2.75 EPS for the current fiscal year.
In other Customers Bancorp news, CFO Robert E. Wahlman sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $26.66, for a total transaction of $1,333,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Rick Burkey sold 1,129 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $26.74, for a total transaction of $30,189.46. Following the sale, the director now directly owns 40,919 shares in the company, valued at approximately $1,094,174.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,635 shares of company stock worth $1,618,750. 8.67% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Delphi Management Inc. MA increased its holdings in shares of Customers Bancorp by 2.1% in the 2nd quarter. Delphi Management Inc. MA now owns 52,833 shares of the bank’s stock valued at $1,494,000 after acquiring an additional 1,091 shares during the period. Voya Investment Management LLC increased its holdings in shares of Customers Bancorp by 8.8% in the 2nd quarter. Voya Investment Management LLC now owns 15,881 shares of the bank’s stock valued at $449,000 after acquiring an additional 1,290 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Customers Bancorp by 9.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,786 shares of the bank’s stock valued at $588,000 after acquiring an additional 1,751 shares during the period. Aperio Group LLC increased its holdings in shares of Customers Bancorp by 26.1% in the 4th quarter. Aperio Group LLC now owns 10,459 shares of the bank’s stock valued at $272,000 after acquiring an additional 2,166 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in shares of Customers Bancorp by 6.4% in the 3rd quarter. Macquarie Group Ltd. now owns 40,100 shares of the bank’s stock valued at $1,308,000 after acquiring an additional 2,400 shares during the period. 85.00% of the stock is currently owned by institutional investors and hedge funds.
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About Customers Bancorp
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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