Customers Bancorp (NYSE:CUBI) Given New $79.00 Price Target at DA Davidson

Customers Bancorp (NYSE:CUBI) had its price target boosted by DA Davidson from $71.00 to $79.00 in a report issued on Monday, Benzinga reports. DA Davidson currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Customers Bancorp’s Q3 2024 earnings at $1.57 EPS, FY2024 earnings at $6.39 EPS and FY2025 earnings at $7.56 EPS.

Several other research analysts have also issued reports on CUBI. B. Riley boosted their target price on Customers Bancorp from $77.00 to $78.00 and gave the company a buy rating in a research report on Monday. Hovde Group dropped their target price on Customers Bancorp from $66.00 to $63.00 and set an outperform rating for the company in a research report on Thursday, May 2nd. Keefe, Bruyette & Woods restated an outperform rating and set a $76.00 target price (up previously from $65.00) on shares of Customers Bancorp in a research report on Monday. Jefferies Financial Group dropped their target price on Customers Bancorp from $59.00 to $57.00 and set a buy rating for the company in a research report on Wednesday, July 3rd. Finally, Wedbush boosted their target price on Customers Bancorp from $56.00 to $79.00 and gave the company an outperform rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $68.88.

Customers Bancorp Trading Up 2.6 %

CUBI opened at $64.56 on Monday. The firm has a market cap of $2.03 billion, a P/E ratio of 9.02 and a beta of 1.65. Customers Bancorp has a 12 month low of $31.16 and a 12 month high of $68.49. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The stock has a 50-day moving average of $50.31 and a 200 day moving average of $50.80.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, July 25th. The bank reported $1.49 EPS for the quarter, topping the consensus estimate of $1.43 by $0.06. The company had revenue of $198.69 million during the quarter, compared to analyst estimates of $184.40 million. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $1.65 earnings per share. As a group, research analysts forecast that Customers Bancorp will post 6.44 EPS for the current year.

Institutional Trading of Customers Bancorp

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Customers Bancorp by 5.4% in the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after buying an additional 111,654 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Customers Bancorp by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,153,952 shares of the bank’s stock worth $124,114,000 after buying an additional 40,134 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Customers Bancorp by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 407,920 shares of the bank’s stock worth $23,504,000 after buying an additional 35,230 shares in the last quarter. Access Investment Management LLC bought a new position in Customers Bancorp in the fourth quarter worth approximately $16,194,000. Finally, Bank of New York Mellon Corp raised its stake in Customers Bancorp by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 261,907 shares of the bank’s stock worth $12,566,000 after buying an additional 829 shares in the last quarter. Hedge funds and other institutional investors own 89.29% 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 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.