Customers Bancorp (NYSE:CUBI) Sets New 1-Year High – Here’s Why

Shares of Customers Bancorp, Inc (NYSE:CUBI) hit a new 52-week high on Thursday . The company traded as high as $72.56 and last traded at $72.6950, with a volume of 123600 shares changing hands. The stock had previously closed at $70.95.

Analysts Set New Price Targets

CUBI has been the subject of several recent research reports. Hovde Group raised their target price on shares of Customers Bancorp from $70.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. Zacks Research upgraded Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 28th. TD Cowen boosted their price objective on shares of Customers Bancorp from $89.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, October 27th. B. Riley reiterated a “buy” rating on shares of Customers Bancorp in a report on Monday, October 27th. Finally, Cowen reissued a “buy” rating on shares of Customers Bancorp in a research report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.88.

Customers Bancorp Stock Performance

The stock has a market cap of $2.44 billion, a price-to-earnings ratio of 14.48 and a beta of 1.61. The company’s 50 day simple moving average is $66.42 and its 200 day simple moving average is $63.20. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 0.98.

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. Customers Bancorp had a return on equity of 13.24% and a net margin of 12.43%.The firm had revenue of $206.82 million during the quarter. On average, equities research analysts anticipate that Customers Bancorp, Inc will post 6.45 earnings per share for the current year.

Insider Buying and Selling at Customers Bancorp

In other news, EVP Philip Watkins sold 2,900 shares of Customers Bancorp stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $65.04, for a total value of $188,616.00. Following the transaction, the executive vice president directly owned 50,849 shares of the company’s stock, valued at $3,307,218.96. This trade represents a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jay S. Sidhu sold 128,185 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $69.43, for a total transaction of $8,899,884.55. Following the sale, the chief executive officer owned 790,031 shares in the company, valued at $54,851,852.33. This represents a 13.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 211,900 shares of company stock valued at $14,595,664. 8.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Deutsche Bank AG boosted its position in Customers Bancorp by 21.4% during the 1st quarter. Deutsche Bank AG now owns 86,358 shares of the bank’s stock worth $4,335,000 after acquiring an additional 15,248 shares during the period. Wolverine Asset Management LLC boosted its holdings in shares of Customers Bancorp by 31.4% during the first quarter. Wolverine Asset Management LLC now owns 81,034 shares of the bank’s stock worth $4,068,000 after purchasing an additional 19,386 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Customers Bancorp during the first quarter valued at approximately $558,000. Nuveen LLC purchased a new position in Customers Bancorp during the first quarter valued at approximately $26,652,000. Finally, Public Sector Pension Investment Board increased its stake in Customers Bancorp by 54.3% in the 1st quarter. Public Sector Pension Investment Board now owns 112,092 shares of the bank’s stock valued at $5,627,000 after buying an additional 39,460 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

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.