Customers Bancorp (NYSE:CUBI) Reaches New 12-Month High – Here’s What Happened

Customers Bancorp, Inc (NYSE:CUBI)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $72.98 and last traded at $71.8560, with a volume of 195157 shares traded. The stock had previously closed at $69.90.

Analyst Ratings Changes

A number of brokerages have commented on CUBI. TD Cowen lifted their target price on shares of Customers Bancorp from $89.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Wall Street Zen raised shares of Customers Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Customers Bancorp in a report on Monday. Keefe, Bruyette & Woods raised their target price on Customers Bancorp from $76.00 to $82.00 and gave the stock a “market perform” rating in a research note on Monday, October 27th. Finally, Zacks Research upgraded Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Customers Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.67.

Customers Bancorp Stock Up 2.8%

The business has a fifty day moving average of $66.77 and a 200 day moving average of $63.80. The company has a market capitalization of $2.46 billion, a PE ratio of 14.58 and a beta of 1.61. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Monday, September 8th. The bank reported $1.80 earnings per share (EPS) for the quarter. The company had revenue of $206.82 million for the quarter. Customers Bancorp had a net margin of 12.43% and a return on equity of 13.24%. Equities research analysts anticipate that Customers Bancorp, Inc will post 6.45 EPS for the current year.

Insider Buying and Selling

In other news, Director Bernard Bennett Banks sold 9,000 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $66.93, for a total transaction of $602,370.00. Following the sale, the director owned 7,524 shares of the company’s stock, valued at approximately $503,581.32. This represents a 54.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jay S. Sidhu sold 128,185 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $69.43, for a total value of $8,899,884.55. Following the completion of the sale, the chief executive officer owned 790,031 shares in the company, valued at approximately $54,851,852.33. The trade was a 13.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 211,900 shares of company stock valued at $14,595,664 in the last ninety days. Company insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CUBI. Caitong International Asset Management Co. Ltd purchased a new position in Customers Bancorp in the third quarter valued at approximately $29,000. Jones Financial Companies Lllp acquired a new position in shares of Customers Bancorp in the 1st quarter valued at $37,000. Farther Finance Advisors LLC grew its position in shares of Customers Bancorp by 63.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock valued at $44,000 after buying an additional 260 shares during the last quarter. Aster Capital Management DIFC Ltd raised its stake in Customers Bancorp by 451.2% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank’s stock worth $61,000 after acquiring an additional 767 shares in the last quarter. Finally, CX Institutional purchased a new stake in Customers Bancorp in the third quarter valued at $67,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Customers Bancorp Company Profile

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.