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

Customers Bancorp (NYSE:CUBI) had its price target cut by Wedbush from $63.00 to $61.00 in a research note released on Friday, Benzinga reports. They currently have an outperform rating on the bank’s stock. Wedbush also issued estimates for Customers Bancorp’s Q2 2024 earnings at $1.72 EPS, Q1 2025 earnings at $1.88 EPS, Q2 2025 earnings at $1.86 EPS, Q3 2025 earnings at $1.92 EPS and Q4 2025 earnings at $1.89 EPS.

A number of other equities research analysts have also issued reports on CUBI. B. Riley upped their target price on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a buy rating in a report on Monday, January 29th. Raymond James boosted their price target on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a strong-buy rating in a research report on Monday, January 29th. Finally, Jefferies Financial Group boosted their price target on shares of Customers Bancorp from $61.00 to $64.00 and gave the company a buy rating in a research report on Monday, April 8th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Customers Bancorp presently has a consensus rating of Moderate Buy and a consensus target price of $61.29.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $46.82 on Friday. The firm has a market cap of $1.47 billion, a PE ratio of 6.54 and a beta of 1.67. The firm has a fifty day moving average of $51.53 and a 200 day moving average of $48.89. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.91 and a current ratio of 0.93. Customers Bancorp has a one year low of $15.80 and a one year high of $60.09.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, topping the consensus estimate of $1.62 by $0.06. The company had revenue of $181.62 million during the quarter, compared to analyst estimates of $183.48 million. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.62%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.58 EPS. As a group, research analysts predict that Customers Bancorp will post 6.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Customers Bancorp news, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction dated 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 $2,191,055.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Glenn Hedde sold 666 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total transaction of $36,097.20. Following the sale, the insider now directly owns 69,428 shares in the company, valued at $3,762,997.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 owns 41,224 shares in the company, valued at $2,191,055.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Cornercap Investment Counsel Inc. purchased a new position in Customers Bancorp in the fourth quarter valued at approximately $1,254,000. Assenagon Asset Management S.A. increased its stake in Customers Bancorp by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock valued at $10,554,000 after purchasing an additional 91,311 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Customers Bancorp in the third quarter valued at approximately $1,712,000. Numerai GP LLC purchased a new position in Customers Bancorp in the third quarter valued at approximately $363,000. Finally, American Century Companies Inc. increased its stake in Customers Bancorp by 14.6% in the third quarter. American Century Companies Inc. now owns 364,767 shares of the bank’s stock valued at $12,566,000 after purchasing an additional 46,347 shares during the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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.