Customers Bancorp (NYSE:CUBI) Stock Price Target Lowered at TD Cowen

Customers Bancorp (NYSE:CUBI) had its target price lowered by TD Cowen from $94.00 to $91.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other research analysts also recently issued reports about the company. DA Davidson upped their price target on Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods boosted their target price on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. lowered their target price on shares of Customers Bancorp from $96.00 to $92.00 and set an “overweight” rating on the stock in a report on Thursday, October 1st. Morgan Stanley cut shares of Customers Bancorp from an “equal weight” rating to an “underweight” rating and raised their target price for the company from $88.00 to $89.00 in a research note on Tuesday, September 8th. Finally, Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $90.82.

Customers Bancorp Price Performance

NYSE:CUBI opened at $75.17 on Monday. The business’s 50-day simple moving average is $79.05 and its two-hundred day simple moving average is $76.43. Customers Bancorp has a 52 week low of $59.34 and a 52 week high of $84.38. The stock has a market cap of $2.54 billion, a PE ratio of 9.17 and a beta of 1.52. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm had revenue of $227.28 million during the quarter, compared to analyst estimates of $229.24 million. During the same quarter in the prior year, the company posted $1.80 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts forecast that Customers Bancorp will post 8.44 EPS for the current fiscal year.

Insider Transactions at Customers Bancorp

In other news, Chairman Jay Sidhu sold 68,821 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the transaction, the chairman directly owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 100,000 shares of company stock valued at $7,981,084. Insiders own 10.45% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in Customers Bancorp during the second quarter valued at $385,165,000. Assenagon Asset Management S.A. lifted its holdings in shares of Customers Bancorp by 213.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock worth $54,056,000 after acquiring an additional 529,987 shares during the last quarter. Tieton Capital Management LLC bought a new stake in shares of Customers Bancorp in the 2nd quarter worth about $20,264,000. Bank of New York Mellon Corp purchased a new position in shares of Customers Bancorp during the 2nd quarter worth about $16,369,000. Finally, Empowered Funds LLC purchased a new position in shares of Customers Bancorp during the 2nd quarter worth about $12,505,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Company Profile

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.