Customers Bancorp (CUBI) Rating Lowered to Hold at Zacks Investment Research

Customers Bancorp (NYSE:CUBI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

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 research analysts also recently issued reports on the stock. DA Davidson started coverage on shares of Customers Bancorp in a report on Wednesday, February 14th. They issued a “neutral” rating and a $33.00 target price for the company. Sandler O’Neill reiterated a “hold” rating and set a $33.00 price objective on shares of Customers Bancorp in a research note on Friday, January 26th. Maxim Group reiterated a “buy” rating and set a $50.00 price objective on shares of Customers Bancorp in a research note on Friday, January 26th. Boenning Scattergood reiterated a “hold” rating on shares of Customers Bancorp in a research note on Friday, January 26th. Finally, B. Riley reiterated a “buy” rating and set a $41.00 price objective on shares of Customers Bancorp in a research note on Thursday, January 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $37.67.

Customers Bancorp (NYSE CUBI) traded down $0.74 during trading on Tuesday, reaching $30.03. 103,486 shares of the company were exchanged, compared to its average volume of 249,938. Customers Bancorp has a 52-week low of $24.75 and a 52-week high of $35.60. The stock has a market capitalization of $965.64, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 1.14 and a beta of 0.75. The company has a current ratio of 1.23, a quick ratio of 0.96 and a debt-to-equity ratio of 2.45.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Wednesday, January 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). Customers Bancorp had a net margin of 18.64% and a return on equity of 14.11%. The company had revenue of $68.30 million during the quarter, compared to analysts’ expectations of $67.02 million. During the same quarter in the previous year, the firm posted $0.62 earnings per share. Customers Bancorp’s revenue for the quarter was up 6.6% compared to the same quarter last year. analysts anticipate that Customers Bancorp will post 2.7 EPS for the current fiscal year.

In other news, CFO Robert E. Wahlman sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $26.66, for a total value of $1,333,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Richard A. Ehst sold 9,000 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $26.70, for a total transaction of $240,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,635 shares of company stock valued at $1,618,750. 8.67% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. MetLife Investment Advisors LLC purchased a new position in shares of Customers Bancorp in the fourth quarter valued at $352,000. Municipal Employees Retirement System of Michigan boosted its stake in shares of Customers Bancorp by 190.8% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 43,760 shares of the bank’s stock valued at $1,137,000 after purchasing an additional 28,710 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Customers Bancorp by 12.0% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 194,314 shares of the bank’s stock valued at $5,049,000 after purchasing an additional 20,880 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of Customers Bancorp by 5.1% in the fourth quarter. TIAA CREF Investment Management LLC now owns 266,722 shares of the bank’s stock valued at $6,932,000 after purchasing an additional 12,856 shares during the period. Finally, Two Sigma Investments LP boosted its stake in shares of Customers Bancorp by 108.9% in the fourth quarter. Two Sigma Investments LP now owns 19,761 shares of the bank’s stock valued at $514,000 after purchasing an additional 10,302 shares during the period. Institutional investors and hedge funds own 79.42% of the company’s stock.

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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 Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches and offices in Southeastern Pennsylvania (Bucks, Berks, Chester, Delaware and Philadelphia Counties), Rye Brook, Melville and New York, New York (Westchester, Suffolk and New York Counties), Hamilton, New Jersey (Mercer County), Providence, Rhode Island (Providence County), Portsmouth, New Hampshire (Rockingham County) and Boston, Massachusetts (Suffolk County).

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