Customers Bancorp (NYSE:CUBI) Given New $80.00 Price Target at Maxim Group

Customers Bancorp (NYSE:CUBI) had its price objective increased by Maxim Group from $75.00 to $80.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

CUBI has been the subject of a number of other research reports. Stephens restated an “equal weight” rating and set a $58.00 price target on shares of Customers Bancorp in a research note on Friday, January 24th. Piper Sandler decreased their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. DA Davidson raised their price target on shares of Customers Bancorp from $68.00 to $71.00 and gave the company a “buy” rating in a research report on Monday. Keefe, Bruyette & Woods boosted their price objective on Customers Bancorp from $62.00 to $67.00 and gave the stock a “market perform” rating in a report on Monday. Finally, B. Riley raised their target price on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Customers Bancorp has an average rating of “Moderate Buy” and a consensus price target of $64.00.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $57.41 on Monday. The firm has a market capitalization of $1.80 billion, a P/E ratio of 9.32 and a beta of 1.68. The firm’s 50-day moving average price is $51.63 and its 200-day moving average price is $51.08. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. Customers Bancorp has a 1-year low of $42.31 and a 1-year high of $68.49.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.15. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. Equities research analysts anticipate that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jay S. Sidhu sold 86,578 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of the sale, the chief executive officer now owns 1,090,598 shares in the company, valued at approximately $61,662,410.92. This trade represents a 7.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the sale, the insider now directly owns 66,256 shares in the company, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,440 shares of company stock worth $5,425,815. 6.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Customers Bancorp

Several large investors have recently modified their holdings of the stock. State Street Corp increased its position in Customers Bancorp by 10.5% in the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after buying an additional 169,982 shares during the last quarter. Geode Capital Management LLC increased its holdings in Customers Bancorp by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after acquiring an additional 17,941 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Customers Bancorp by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank’s stock valued at $23,665,000 after acquiring an additional 12,000 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after purchasing an additional 225,785 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Customers Bancorp by 46.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 285,368 shares of the bank’s stock valued at $13,621,000 after purchasing an additional 90,451 shares during the period. 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.