DA Davidson Initiates Coverage on Customers Bancorp (CUBI)

DA Davidson initiated coverage on shares of Customers Bancorp (NYSE:CUBI) in a research report report published on Wednesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $33.00 price objective on the bank’s stock. DA Davidson also issued estimates for Customers Bancorp’s Q1 2018 earnings at $0.56 EPS, Q2 2018 earnings at $0.59 EPS, Q3 2018 earnings at $0.67 EPS, Q4 2018 earnings at $0.78 EPS, FY2018 earnings at $2.60 EPS, Q1 2019 earnings at $0.71 EPS, Q2 2019 earnings at $0.81 EPS, Q3 2019 earnings at $0.87 EPS, Q4 2019 earnings at $0.81 EPS, FY2019 earnings at $3.20 EPS and FY2020 earnings at $3.55 EPS.

A number of other research analysts also recently commented on CUBI. 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. Zacks Investment Research upgraded shares of Customers Bancorp from a hold rating to a buy rating and set a $33.00 price objective on the stock in a research note on Thursday, February 8th. Maxim Group reiterated a buy rating and set a $50.00 price objective on shares of Customers Bancorp in a research note on Thursday, October 26th. BidaskClub downgraded shares of Customers Bancorp from a buy rating to a hold rating in a research note on Wednesday, October 25th. Finally, Boenning Scattergood downgraded shares of Customers Bancorp from an outperform rating to a neutral rating in a research note on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Customers Bancorp presently has an average rating of Hold and a consensus target price of $37.67.

Customers Bancorp (CUBI) opened at $30.77 on Wednesday. The firm has a market cap of $965.64, a price-to-earnings ratio of 15.31, a PEG ratio of 1.11 and a beta of 0.75. The company has a quick ratio of 0.96, a current ratio of 1.23 and a debt-to-equity ratio of 2.45. Customers Bancorp has a 52 week low of $24.75 and a 52 week high of $35.60.

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

In other Customers Bancorp news, CFO Robert E. Wahlman sold 50,000 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $26.66, for a total transaction of $1,333,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Richard A. Ehst sold 9,000 shares of the stock in a transaction dated Monday, November 27th. The stock was 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. Insiders have sold 60,635 shares of company stock worth $1,618,750 over the last three months. 8.67% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in CUBI. Wells Fargo & Company MN increased its holdings in shares of Customers Bancorp by 23.3% in the 2nd quarter. Wells Fargo & Company MN now owns 120,278 shares of the bank’s stock worth $3,401,000 after acquiring an additional 22,718 shares during the period. BlackRock Inc. increased its holdings in shares of Customers Bancorp by 2.8% in the 2nd quarter. BlackRock Inc. now owns 3,584,410 shares of the bank’s stock worth $101,365,000 after acquiring an additional 97,085 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Customers Bancorp by 10.4% in the 2nd quarter. New York State Common Retirement Fund now owns 30,900 shares of the bank’s stock worth $874,000 after acquiring an additional 2,899 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Customers Bancorp in the 2nd quarter worth about $205,000. Finally, Northern Trust Corp increased its holdings in shares of Customers Bancorp by 3.0% in the 2nd quarter. Northern Trust Corp now owns 349,766 shares of the bank’s stock worth $9,891,000 after acquiring an additional 10,292 shares during the period. 80.92% of the stock is currently owned by institutional investors and hedge funds.

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Customers Bancorp Company Profile

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).

Analyst Recommendations for Customers Bancorp (NYSE:CUBI)

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