Customers Bancorp (NYSE:CUBI) Stock Rating Reaffirmed by Maxim Group
Maxim Group reaffirmed their buy rating on shares of Customers Bancorp (NYSE:CUBI) in a research report report published on Wednesday morning, AnalystRatings.com reports. The brokerage currently has a $38.00 target price on the bank’s stock.
“On July 1, CUBI announced that a mortgage warehouse customer had unexpectedly ceased business, prompting CUBI to seize collateral for a $26M loan, giving rise to an estimated $7M-$8M pre-tax loss being included in 2Q19 results. We regard this as non-recurring, and not reflective of credit quality issues. Therefore, we maintain our 2020 EPS estimate of $3.00, and reiterate our Buy rating. Our 12-month price target of $38 equates to a 2020E P/E multiple of 12.7x, which is consistent with the average 2020E P/E multiples of high-quality Small-Cap banks that we follow.”,” Maxim Group’s analyst wrote.
Several other research analysts have also issued reports on CUBI. Zacks Investment Research lowered EXACT Sciences from a hold rating to a sell rating in a research report on Tuesday, July 2nd. B. Riley set a $30.00 price target on Customers Bancorp and gave the stock a buy rating in a research note on Tuesday, May 14th. ValuEngine downgraded Wave Life Sciences from a buy rating to a hold rating in a research note on Tuesday, April 16th. Finally, TheStreet downgraded ZovioInc . from a c- rating to a d rating in a research note on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $29.44.
Customers Bancorp (NYSE:CUBI) last announced its earnings results on Wednesday, April 24th. The bank reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.03. Customers Bancorp had a return on equity of 10.90% and a net margin of 13.13%. The firm had revenue of $79.02 million during the quarter, compared to analyst estimates of $82.68 million. During the same quarter in the prior year, the company earned $0.64 EPS. As a group, equities analysts expect that Customers Bancorp will post 2.2 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of CUBI. Acadian Asset Management LLC purchased a new stake in shares of Customers Bancorp in the 4th quarter worth approximately $75,000. BNP Paribas Arbitrage SA grew its stake in shares of Customers Bancorp by 75,462.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 6,045 shares of the bank’s stock worth $111,000 after buying an additional 6,037 shares during the last quarter. Financial Gravity Wealth Inc. purchased a new stake in shares of Customers Bancorp in the 1st quarter worth approximately $125,000. Neuburgh Advisers LLC grew its stake in shares of Customers Bancorp by 16.4% in the 4th quarter. Neuburgh Advisers LLC now owns 7,656 shares of the bank’s stock worth $139,000 after buying an additional 1,078 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new stake in shares of Customers Bancorp in the 4th quarter worth approximately $152,000. Institutional investors own 81.07% of the company’s stock.
Customers Bancorp Company Profile
Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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