Hovde Group Lowers Customers Bancorp (NYSE:CUBI) Price Target to $63.00

Customers Bancorp (NYSE:CUBI) had its price objective dropped by equities research analysts at Hovde Group from $66.00 to $63.00 in a report issued on Thursday, Marketbeat reports. The firm presently has an “outperform” rating on the bank’s stock. Hovde Group’s price objective would suggest a potential upside of 30.57% from the company’s previous close.

Several other equities analysts also recently issued reports on CUBI. Jefferies Financial Group increased their price objective on shares of Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a report on Monday, April 8th. Wedbush lowered their price objective on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Raymond James boosted their price objective on Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Finally, B. Riley raised their target price on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.50.

Customers Bancorp Price Performance

Shares of Customers Bancorp stock traded up $0.85 during trading hours on Thursday, reaching $48.25. The stock had a trading volume of 218,326 shares, compared to its average volume of 385,474. The stock’s 50 day moving average is $50.83 and its 200 day moving average is $49.48. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89. Customers Bancorp has a twelve month low of $15.80 and a twelve month high of $60.09. The firm has a market capitalization of $1.52 billion, a PE ratio of 6.74 and a beta of 1.67.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.05. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The company had revenue of $181.62 million during the quarter, compared to analysts’ expectations of $183.48 million. During the same quarter in the prior year, the firm posted $1.58 EPS. Customers Bancorp’s quarterly revenue was up 8.1% compared to the same quarter last year. Equities analysts expect that Customers Bancorp will post 6.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the sale, the insider now directly owns 69,428 shares of the company’s stock, valued at approximately $3,762,997.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Glenn Hedde sold 666 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the sale, the insider now owns 69,428 shares of the company’s stock, valued at approximately $3,762,997.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the sale, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

Large investors have recently modified their holdings of the business. Cornercap Investment Counsel Inc. purchased a new position in shares of Customers Bancorp during the 4th quarter worth approximately $1,254,000. Assenagon Asset Management S.A. lifted its stake in Customers Bancorp by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock worth $10,554,000 after purchasing an additional 91,311 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Customers Bancorp during the third quarter worth $1,712,000. Numerai GP LLC acquired a new stake in shares of Customers Bancorp in the third quarter valued at $363,000. Finally, American Century Companies Inc. raised its holdings in shares of Customers Bancorp by 14.6% in the 3rd quarter. American Century Companies Inc. now owns 364,767 shares of the bank’s stock valued at $12,566,000 after buying an additional 46,347 shares during the period. Institutional investors and hedge funds own 89.29% 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 individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.