Customers Bancorp (NYSE:CUBI) Lowered to “Hold” at Zacks Investment Research

Customers Bancorp (NYSE:CUBI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

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. “

CUBI has been the topic of several other reports. Maxim Group restated a “buy” rating and set a $38.00 price objective on shares of Customers Bancorp in a report on Wednesday, July 10th. Sandler O’Neill downgraded Customers Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Customers Bancorp presently has a consensus rating of “Hold” and a consensus price target of $27.95.



CUBI stock traded down $0.06 during midday trading on Tuesday, hitting $20.77. 164,200 shares of the company’s stock were exchanged, compared to its average volume of 164,047. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.77. Customers Bancorp has a 12-month low of $16.72 and a 12-month high of $24.20. The firm has a 50 day moving average price of $19.47 and a 200-day moving average price of $20.13. The stock has a market capitalization of $659.42 million, a price-to-earnings ratio of 8.55, a price-to-earnings-growth ratio of 0.95 and a beta of 1.05.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $64.51 million. During the same period in the previous year, the business earned $0.73 EPS. Customers Bancorp’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, sell-side analysts forecast that Customers Bancorp will post 2.15 EPS for the current fiscal year.

In other Customers Bancorp news, insider James T. Collins sold 5,500 shares of Customers Bancorp stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $20.61, for a total transaction of $113,355.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 9.54% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of CUBI. BNP Paribas Arbitrage SA grew its position in shares of Customers Bancorp by 75,462.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 6,045 shares of the bank’s stock worth $111,000 after acquiring an additional 6,037 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Customers Bancorp by 10.9% in the 1st quarter. Victory Capital Management Inc. now owns 40,029 shares of the bank’s stock worth $733,000 after acquiring an additional 3,942 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Customers Bancorp by 1,274.4% in the 1st quarter. JPMorgan Chase & Co. now owns 911,951 shares of the bank’s stock worth $16,697,000 after acquiring an additional 845,596 shares in the last quarter. Royce & Associates LP grew its position in shares of Customers Bancorp by 1,061.8% in the 1st quarter. Royce & Associates LP now owns 17,020 shares of the bank’s stock worth $312,000 after acquiring an additional 15,555 shares in the last quarter. Finally, Tieton Capital Management LLC grew its position in shares of Customers Bancorp by 16.0% in the 1st quarter. Tieton Capital Management LLC now owns 245,323 shares of the bank’s stock worth $4,492,000 after acquiring an additional 33,885 shares in the last quarter. Institutional investors own 79.82% of the company’s stock.

About Customers Bancorp

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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