Zacks Investment Research Upgrades Customers Bancorp (NYSE:CUBI) to “Buy”

Zacks Investment Research upgraded shares of Customers Bancorp (NYSE:CUBI) from a hold rating to a buy rating in a report published on Friday morning, Zacks.com reports. The brokerage currently has $23.00 target price on the bank’s stock.

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. “

Several other brokerages have also recently issued reports on CUBI. ValuEngine cut Wave Life Sciences from a buy rating to a hold rating in a research report on Tuesday, April 16th. B. Riley set a $30.00 target price on Customers Bancorp and gave the company a buy rating in a research report on Tuesday, May 14th. TheStreet cut ZovioInc . from a c- rating to a d rating in a research report on Thursday, May 23rd. Finally, Maxim Group reaffirmed a buy rating and set a $25.00 target price on shares of Coherus Biosciences in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. Customers Bancorp has an average rating of Buy and an average target price of $28.15.

Shares of NYSE:CUBI opened at $20.08 on Friday. The stock has a market capitalization of $630.39 million, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 0.95 and a beta of 1.02. The company has a 50-day moving average price of $20.33. 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 fifty-two week low of $16.72 and a fifty-two week high of $29.25.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. Customers Bancorp had a return on equity of 10.90% and a net margin of 13.13%. The business had revenue of $79.02 million for the quarter, compared to analysts’ expectations of $82.68 million. During the same quarter in the prior year, the business earned $0.64 EPS. As a group, sell-side analysts forecast that Customers Bancorp will post 2.13 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund acquired a new position in shares of Customers Bancorp in the fourth quarter worth approximately $202,000. California Public Employees Retirement System lifted its position in shares of Customers Bancorp by 10.1% in the fourth quarter. California Public Employees Retirement System now owns 49,455 shares of the bank’s stock valued at $900,000 after acquiring an additional 4,553 shares in the last quarter. BlackRock Inc. lifted its position in shares of Customers Bancorp by 2.4% in the fourth quarter. BlackRock Inc. now owns 4,480,650 shares of the bank’s stock valued at $81,547,000 after acquiring an additional 105,983 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Customers Bancorp by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 385,164 shares of the bank’s stock valued at $7,009,000 after acquiring an additional 4,549 shares in the last quarter. Finally, Texas Permanent School Fund lifted its position in shares of Customers Bancorp by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 19,067 shares of the bank’s stock valued at $347,000 after acquiring an additional 734 shares in the last quarter. 81.08% of the stock is currently owned by institutional investors.

Customers Bancorp Company Profile

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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