Morgan Stanley Cuts Customers Bancorp (NYSE:CUBI) Price Target to $83.00

Customers Bancorp (NYSE:CUBI) had its price target trimmed by Morgan Stanley from $92.00 to $83.00 in a research note released on Tuesday,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Several other brokerages have also issued reports on CUBI. JPMorgan Chase & Co. initiated coverage on shares of Customers Bancorp in a research report on Friday, March 6th. They set an “overweight” rating and a $90.00 target price for the company. Piper Sandler initiated coverage on shares of Customers Bancorp in a research report on Thursday, March 12th. They issued an “overweight” rating and a $82.00 price target on the stock. Wall Street Zen cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 price objective on shares of Customers Bancorp in a research report on Tuesday, January 6th. Finally, B. Riley Financial restated a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $86.42.

Customers Bancorp Stock Performance

CUBI stock opened at $70.44 on Tuesday. The stock’s 50 day simple moving average is $71.15 and its 200 day simple moving average is $70.37. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. Customers Bancorp has a 12-month low of $40.75 and a 12-month high of $82.56. The stock has a market capitalization of $2.41 billion, a PE ratio of 11.36 and a beta of 1.57.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.02. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. The firm had revenue of $236.90 million for the quarter, compared to the consensus estimate of $200.38 million. During the same quarter last year, the firm posted $1.36 EPS. As a group, research analysts forecast that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.

Customers Bancorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds have recently modified their holdings of CUBI. Arizona State Retirement System boosted its position in shares of Customers Bancorp by 1.8% during the third quarter. Arizona State Retirement System now owns 8,879 shares of the bank’s stock worth $580,000 after acquiring an additional 155 shares during the last quarter. Lido Advisors LLC grew its stake in Customers Bancorp by 3.0% during the fourth quarter. Lido Advisors LLC now owns 6,135 shares of the bank’s stock valued at $412,000 after acquiring an additional 178 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Customers Bancorp by 0.5% in the 3rd quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock valued at $2,226,000 after acquiring an additional 182 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Customers Bancorp by 1.3% in the 4th quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank’s stock worth $1,289,000 after purchasing an additional 230 shares in the last quarter. Finally, Arax Advisory Partners lifted its stake in Customers Bancorp by 218.9% in the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 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 (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.