Bancorp (NYSE:CUBI) Clients Upgraded to “Buy” at Zacks Investment Research
Bancorp Customers (NYSE:CUBI – Get an Assessment) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released Friday, Zacks.com reports. The company currently has a price target of $48.00 on the bank’s shares. Zacks Investment Research’s price target would indicate a potential upside of 11.32% from the company’s current price.
According to Zacks, “Customers Bancorp is a banking 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 deposit 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, closing keying, remote deposit capture, courier services, merchant processing, safe deposit box, controlled disbursements and positive payment services, as well as cash management services including account reconciliation, collections and swipe accounts.The bank has its branches in Pennsylvania, New York and New Jersey.Clients Bancorp is headquartered in Wyomissing, Pennsylvania. “
Several other stock analysts have also recently released reports on the stock. Wedbush raised its price target on Customers Bancorp shares from $75.00 to $80.00 in a research report on Wednesday, January 26. StockNews.com began covering Customers Bancorp shares in a research report on Thursday, March 31. They set a “hold” rating for the company. Stephens began covering Customers Bancorp shares in a research report on Monday, March 28. They set an “equal weight” rating and a price target of $62.50 for the company. Keefe, Bruyette & Woods upgraded Customers Bancorp shares from a “market performance” rating to an “outperform” rating and raised their price target for the stock from $72.00 to 80.00 $ in a Monday, March 28 research report. Finally, B. Riley cut his price target on Customers Bancorp stock from $100.00 to $90.00 in a Tuesday, April 12 research report. Four investment analysts gave the stock a hold rating and six gave the stock a buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $69.31.
NYSE CUBI traded down $0.14 on Friday, hitting $43.12. The company’s shares had a trading volume of 388,032 shares, compared to an average volume of 459,152. The company has a quick ratio of 0.81, a current ratio of 0.81 and a leverage ratio of 0, 15. Bancorp Clients has a 1-year low of $33.25 and a 1-year high of $76.13. The company’s 50-day moving average is $49.95 and its 200-day moving average is $56.88. The company has a market capitalization of $1.42 billion, a PE ratio of 4.30 and a beta of 1.58.
In other Customers Bancorp news, CEO Samvir S. Sidhu acquired 2,965 shares of the company in a transaction on Friday, May 6. The shares were purchased at an average cost of $42.10 per share, with a total value of $124,826.50. After the purchase was completed, the CEO now owns 80,637 shares of the company, valued at $3,394,817.70. The acquisition was disclosed in a filing with the SEC, accessible via this hyperlink. Additionally, director Lyle Cunningham sold 1,000 shares of the company in a trade on Tuesday, May 3. The shares were sold at an average price of $43.06, for a total transaction of $43,060.00. Following completion of the transaction, the administrator now directly owns 11,051 shares of the company, valued at $475,856.06. The disclosure of this sale can be found here. 10.23% of the shares are held by insiders.
Several institutional investors and hedge funds have recently increased or reduced their stake in CUBI. Royal Bank of Canada increased its position in Customers Bancorp shares by 67.6% during the second quarter. Royal Bank of Canada now owns 2,358 shares of the bank valued at $92,000 after buying an additional 951 shares last quarter. Millennium Management LLC purchased a new stock position in Customers Bancorp during the second quarter, valued at approximately $203,000. Morgan Stanley increased its position in Customers Bancorp shares by 106.7% during the second quarter. Morgan Stanley now owns 159,201 shares of the bank valued at $6,208,000 after buying an additional 82,166 shares last quarter. Victory Capital Management Inc. increased its position in Customers Bancorp stock by 0.5% during the third quarter. Victory Capital Management Inc. now owns 94,830 shares of the bank valued at $4,080,000 after buying 517 additional shares last quarter. Finally, the New York State Common Retirement Fund increased its position in Customers Bancorp shares by 5.6% during the third quarter. The New York State Common Retirement Fund now owns 100,148 shares of the bank valued at $4,308,000 after buying 5,316 additional shares in the last quarter. 83.48% of the shares are currently held by institutional investors.
Clients Company Profile Bancorp (Get a rating)
Customers Bancorp, Inc operates as a banking holding company for Customers Bank which provides financial products and services to individuals and small and medium businesses. The Company offers deposit products, including checking, savings, MMDA and other deposit accounts. It offers lending products, including commercial warehouse mortgages, multifamily and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgages and installment loans.
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