Customers Bancorp Inc. (NYSE:CUBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
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 recently issued reports on the company. FBR & Co restated an “outperform” rating and set a $32.00 price objective on shares of Customers Bancorp in a report on Friday, June 24th. Keefe, Bruyette & Woods dropped their price objective on Customers Bancorp from $31.00 to $29.00 and set a “market perform” rating for the company in a report on Tuesday, September 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Customers Bancorp presently has a consensus rating of “Hold” and a consensus price target of $31.10.
Shares of Customers Bancorp (NYSE:CUBI) traded down 2.54% during trading on Thursday, hitting $24.55. The stock had a trading volume of 135,793 shares. The stock has a 50-day moving average price of $25.64 and a 200 day moving average price of $25.56. The company has a market cap of $670.02 million, a P/E ratio of 10.92 and a beta of 0.61. Customers Bancorp has a 12 month low of $21.66 and a 12 month high of $31.63.
Customers Bancorp (NYSE:CUBI) last released its earnings results on Wednesday, July 20th. The company reported $0.60 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.60. Customers Bancorp had a return on equity of 13.73% and a net margin of 22.25%. During the same quarter in the prior year, the company posted $0.52 EPS. Equities analysts expect that Customers Bancorp will post $2.40 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Customers Bancorp by 620.3% in the first quarter. Royal Bank of Canada now owns 4,725 shares of the company’s stock valued at $111,000 after buying an additional 4,069 shares in the last quarter. Mason Street Advisors LLC purchased a new stake in shares of Customers Bancorp during the second quarter valued at $124,000. BlackRock Inc. boosted its stake in shares of Customers Bancorp by 167.1% in the second quarter. BlackRock Inc. now owns 5,040 shares of the company’s stock valued at $127,000 after buying an additional 3,153 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Customers Bancorp by 555.6% in the third quarter. Nisa Investment Advisors LLC now owns 5,900 shares of the company’s stock valued at $148,000 after buying an additional 5,000 shares in the last quarter. Finally, Creative Planning boosted its stake in shares of Customers Bancorp by 36.3% in the third quarter. Creative Planning now owns 6,054 shares of the company’s stock valued at $152,000 after buying an additional 1,612 shares in the last quarter. Institutional investors and hedge funds own 84.77% of the company’s stock.
About Customers Bancorp
Customers Bancorp, Inc (Customers Bancorp) is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Company operates in the community banking segment. The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers.