Customers Bancorp (NYSE:CUBI) Sees Unusually-High Trading Volume After Strong Earnings

Customers Bancorp, Inc. (NYSE:CUBI) saw strong trading volume on Friday following a better than expected earnings announcement. 236,006 shares changed hands during mid-day trading, a decline of 17% from the previous session’s volume of 285,346 shares.The stock last traded at $45.74 and had previously closed at $49.53.

The bank reported $1.68 EPS for the quarter, topping the consensus estimate of $1.62 by $0.06. The business had revenue of $181.62 million for the quarter, compared to analysts’ expectations of $183.48 million. Customers Bancorp had a net margin of 17.23% and a return on equity of 18.75%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.58 EPS.

Analyst Ratings Changes

A number of analysts have issued reports on the company. B. Riley lifted their price objective on Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Wedbush decreased their price target on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday. Raymond James lifted their price objective on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Finally, Jefferies Financial Group boosted their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $61.29.

Insider Activity

In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the sale, the insider now owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Carla A. Leibold sold 35,832 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at $2,191,055.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total transaction of $36,097.20. Following the sale, the insider now owns 69,428 shares of the company’s stock, valued at approximately $3,762,997.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. BluePath Capital Management LLC bought a new position in Customers Bancorp in the third quarter worth approximately $31,000. GAMMA Investing LLC bought a new position in shares of Customers Bancorp during the 4th quarter worth $78,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Customers Bancorp during the third quarter valued at $87,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Customers Bancorp in the third quarter valued at about $112,000. Finally, Federated Hermes Inc. lifted its stake in Customers Bancorp by 29,550.0% in the third quarter. Federated Hermes Inc. now owns 3,558 shares of the bank’s stock worth $123,000 after acquiring an additional 3,546 shares during the period. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Trading Down 5.5 %

The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.91 and a current ratio of 0.93. The company has a market capitalization of $1.47 billion, a P/E ratio of 6.40 and a beta of 1.67. The company’s fifty day simple moving average is $51.53 and its 200-day simple moving average is $48.89.

About Customers Bancorp

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.