Customers Bancorp (CUBI) Receives a Buy from Maxim Group


Maxim Group analyst Michael Diana reiterated a Buy rating on Customers Bancorp (NYSE: CUBI) today and set a price target of $46. The company’s shares closed yesterday at $21.52, close to its 52-week low of $21.21.

Diana observed:

“CUBI held an October 15. The main announcements regarding strategy were that: 1) the BankMobile spin/merge with Flagship Community Bank (FCB) will not take place at this time, due to BankMobile’s first “white label ” partner for its Banking as a Service (BaaS) platform will be cable giant T-Mobile with a likely launch in the next few months (when T-Mobile announces the program and the details); 3) CUBI launched a digital direct banking division in 3Q18, part of a plan to digitize the entire bank; and 4) CUBI will shrink to under $10 billion in assets by year-end 2018 (so as to preserve its Durbin Amendment advantage on interchange revenue), and plans to stay under $10 billion for as long as it owns BankMobile.”

According to TipRanks.com, Diana is a 4-star analyst with an average return of 5.0% and a 55.3% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Customers Bancorp with a $35.63 average price target, which is a 65.6% upside from current levels. In a report issued on October 15, Sandler O’Neill also upgraded the stock to Buy with a $26.50 price target.

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Based on Customers Bancorp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $23.66 million. In comparison, last year the company had a net profit of $7.75 million.

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Customers Bancorp, Inc. operates as a bank holding company. The company, through its subsidiary Customers Bank, offers financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches in Southeastern Pennsylvania, New York, New Jersey, Rhode Island, New Hampshire, and Massachusetts.

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