Maxim Group reissued their buy rating on shares of Customers Bancorp (NYSE:CUBI) in a research report report published on Wednesday, AnalystRatings.com reports. They currently have a $38.00 price objective on the bank’s stock.
“On July 1, CUBI announced that a mortgage warehouse customer had unexpectedly ceased business, prompting CUBI to seize collateral for a $26M loan, giving rise to an estimated $7M-$8M pre-tax loss being included in 2Q19 results. We regard this as non-recurring, and not reflective of credit quality issues. Therefore, we maintain our 2020 EPS estimate of $3.00, and reiterate our Buy rating. Our 12-month price target of $38 equates to a 2020E P/E multiple of 12.7x, which is consistent with the average 2020E P/E multiples of high-quality Small-Cap banks that we follow.”,” the firm’s analyst commented.
Several other equities analysts have also issued reports on CUBI. Zacks Investment Research lowered shares of EXACT Sciences from a hold rating to a sell rating in a report on Tuesday, July 2nd. B. Riley set a $30.00 target price on shares of Customers Bancorp and gave the company a buy rating in a report on Tuesday, May 14th. TheStreet lowered shares of ZovioInc . from a c- rating to a d rating in a report on Thursday, May 23rd. Finally, ValuEngine lowered shares of Wave Life Sciences from a buy rating to a hold rating in a report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $28.15.
CUBI stock opened at $20.24 on Wednesday. The firm has a market capitalization of $630.40 million, a price-to-earnings ratio of 9.33, a price-to-earnings-growth ratio of 0.95 and a beta of 1.02. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.49. Customers Bancorp has a 12-month low of $16.72 and a 12-month high of $29.25. The firm has a fifty day moving average price of $20.35.
Customers Bancorp (NYSE:CUBI) last released its earnings results on Wednesday, April 24th. The bank reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.03. The business had revenue of $79.02 million for the quarter, compared to analyst estimates of $82.68 million. Customers Bancorp had a net margin of 13.13% and a return on equity of 10.90%. During the same quarter in the previous year, the business earned $0.64 earnings per share. Equities analysts anticipate that Customers Bancorp will post 2.13 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of CUBI. Paloma Partners Management Co bought a new stake in shares of Customers Bancorp during the fourth quarter worth about $194,000. Principal Financial Group Inc. increased its position in shares of Customers Bancorp by 0.5% during the fourth quarter. Principal Financial Group Inc. now owns 236,547 shares of the bank’s stock worth $4,305,000 after acquiring an additional 1,289 shares in the last quarter. 6 Meridian bought a new stake in shares of Customers Bancorp during the first quarter worth about $192,000. BlackRock Inc. increased its position in shares of Customers Bancorp by 2.4% during the fourth quarter. BlackRock Inc. now owns 4,480,650 shares of the bank’s stock worth $81,547,000 after acquiring an additional 105,983 shares in the last quarter. Finally, Citigroup Inc. increased its position in shares of Customers Bancorp by 269.3% during the fourth quarter. Citigroup Inc. now owns 80,594 shares of the bank’s stock worth $1,467,000 after acquiring an additional 58,769 shares in the last quarter. 81.07% of the stock is owned by hedge funds and other 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 operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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