Wedbush Cuts Customers Bancorp (NYSE:CUBI) Price Target to $61.00

Customers Bancorp (NYSE:CUBI) had its price target lowered by Wedbush from $63.00 to $61.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Wedbush’s price objective suggests a potential upside of 32.12% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Raymond James upped their price objective on Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 29th. Jefferies Financial Group increased their target price on Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, B. Riley increased their price objective on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.29.

Customers Bancorp Stock Down 6.8 %

Customers Bancorp stock traded down $3.36 during trading hours on Friday, reaching $46.17. The stock had a trading volume of 386,685 shares, compared to its average volume of 286,680. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 6.26 and a beta of 1.67. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.93 and a quick ratio of 0.91. The business’s 50 day moving average price is $51.63 and its 200-day moving average price is $48.89. Customers Bancorp has a 52 week low of $15.80 and a 52 week high of $60.09.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Friday, April 26th. The bank reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.06. Customers Bancorp had a net margin of 17.23% and a return on equity of 18.75%. The firm had revenue of $181.62 million for the quarter, compared to the consensus estimate of $183.48 million. During the same quarter in the prior year, the company posted $1.58 earnings per share. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. Sell-side analysts anticipate that Customers Bancorp will post 6.85 EPS for the current year.

Insider Buying and Selling

In related news, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction 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 the SEC website. In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction dated 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 transaction, the insider now directly 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 hyperlink. Also, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the transaction, the chief financial officer now directly owns 41,224 shares of the company’s stock, valued at $2,191,055.60. The disclosure for this sale can be found here. Corporate insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. lifted its stake in Customers Bancorp by 40.2% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 68,795 shares of the bank’s stock worth $3,650,000 after purchasing an additional 19,712 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Customers Bancorp by 2.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 261,847 shares of the bank’s stock worth $13,894,000 after purchasing an additional 7,047 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Customers Bancorp by 51.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 71,000 shares of the bank’s stock worth $4,091,000 after purchasing an additional 24,000 shares during the last quarter. Quantedge Capital Pte Ltd raised its stake in shares of Customers Bancorp by 40.9% during the fourth quarter. Quantedge Capital Pte Ltd now owns 89,200 shares of the bank’s stock worth $5,140,000 after purchasing an additional 25,900 shares during the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Customers Bancorp during the fourth quarter worth approximately $3,680,000. 89.29% of the stock is owned by institutional investors and hedge funds.

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.