Customers Bancorp (CUBI) Raised to Buy at Boenning Scattergood

Customers Bancorp (NYSE:CUBI) was upgraded by stock analysts at Boenning Scattergood from a “neutral” rating to a “buy” rating in a research report issued on Friday, MarketBeat reports. The brokerage currently has a $23.00 target price on the bank’s stock. Boenning Scattergood’s price objective would suggest a potential upside of 9.37% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Zacks Investment Research lowered shares of Customers Bancorp from a “hold” rating to a “strong sell” rating in a report on Thursday, October 18th. Sandler O’Neill raised shares of Customers Bancorp from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Monday, October 15th. Maxim Group reissued a “buy” rating and issued a $46.00 price target on shares of Customers Bancorp in a report on Tuesday, August 14th. Finally, ValuEngine lowered shares of Customers Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, August 13th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $32.33.

NYSE:CUBI opened at $21.03 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.08 and a debt-to-equity ratio of 1.28. The company has a market cap of $667.60 million, a PE ratio of 9.56, a PEG ratio of 0.93 and a beta of 0.72. Customers Bancorp has a 1-year low of $18.57 and a 1-year high of $32.34.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, October 25th. The bank reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). The company had revenue of $66.09 million during the quarter, compared to analysts’ expectations of $64.64 million. Customers Bancorp had a return on equity of 13.10% and a net margin of 16.01%. Analysts expect that Customers Bancorp will post 2.26 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hood River Capital Management LLC acquired a new stake in Customers Bancorp during the 2nd quarter worth $13,516,000. BlackRock Inc. boosted its stake in Customers Bancorp by 9.7% during the 2nd quarter. BlackRock Inc. now owns 4,235,667 shares of the bank’s stock worth $120,210,000 after purchasing an additional 375,171 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Customers Bancorp by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,629,661 shares of the bank’s stock worth $74,631,000 after purchasing an additional 126,770 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Customers Bancorp during the 2nd quarter worth $3,392,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in Customers Bancorp by 20.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 413,123 shares of the bank’s stock worth $11,725,000 after purchasing an additional 71,118 shares during the last quarter. 81.78% of the stock is owned by institutional investors.

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 accepts various deposit products, such as checking, savings, money market deposit, time deposit, individual retirement, and non-retail time deposit accounts, as well as certificates of deposit.

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Analyst Recommendations for Customers Bancorp (NYSE:CUBI)

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