Zacks Investment Research upgraded shares of Customers Bancorp (NYSE:CUBI) from a hold rating to a strong-buy rating in a research note published on Wednesday morning, Zacks.com reports. The brokerage currently has $22.00 target price on the bank’s stock.
According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “
A number of other equities analysts have also commented on CUBI. TheStreet lowered Customers Bancorp from a b- rating to a c+ rating in a research note on Thursday, May 23rd. Maxim Group reissued a buy rating and set a $38.00 price target on shares of Customers Bancorp in a research note on Wednesday, July 10th. B. Riley set a $30.00 price target on Customers Bancorp and gave the company a buy rating in a research note on Tuesday, May 14th. Finally, Sandler O’Neill lowered Customers Bancorp from a buy rating to a hold rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $27.95.
Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Customers Bancorp had a return on equity of 9.54% and a net margin of 10.13%. The company had revenue of $64.68 million during the quarter, compared to analyst estimates of $64.51 million. During the same period in the prior year, the company earned $0.73 earnings per share. The firm’s revenue was down 3.9% on a year-over-year basis. Research analysts expect that Customers Bancorp will post 2.15 EPS for the current fiscal year.
In other news, insider James T. Collins sold 5,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $20.61, for a total value of $113,355.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.54% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Deutsche Bank AG raised its holdings in shares of Customers Bancorp by 55.5% in the fourth quarter. Deutsche Bank AG now owns 113,234 shares of the bank’s stock worth $2,059,000 after buying an additional 40,398 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Customers Bancorp by 1,274.4% in the first quarter. JPMorgan Chase & Co. now owns 911,951 shares of the bank’s stock worth $16,697,000 after buying an additional 845,596 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of Customers Bancorp by 75,462.5% in the first 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 period. Tieton Capital Management LLC raised its holdings in shares of Customers Bancorp by 16.0% in the first quarter. Tieton Capital Management LLC now owns 245,323 shares of the bank’s stock worth $4,492,000 after buying an additional 33,885 shares during the period. Finally, Royce & Associates LP raised its holdings in shares of Customers Bancorp by 1,061.8% in the first quarter. Royce & Associates LP now owns 17,020 shares of the bank’s stock worth $312,000 after buying an additional 15,555 shares during the period. Hedge funds and other institutional investors own 80.73% 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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