Customers Bancorp (NYSE:CUBI) Hits New 52-Week High – Here’s What Happened

Customers Bancorp, Inc (NYSE:CUBI) shares reached a new 52-week high on Wednesday. The stock traded as high as $89.60 and last traded at $87.0350, with a volume of 7,592 shares traded. The stock had previously closed at $86.26.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. DA Davidson set a $107.00 price target on shares of Customers Bancorp in a report on Monday, October 26th. TD Cowen upped their price objective on shares of Customers Bancorp from $91.00 to $97.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. Morgan Stanley reaffirmed an “underweight” rating and set a $97.00 price objective on shares of Customers Bancorp in a report on Monday, October 26th. Keefe, Bruyette & Woods lifted their target price on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Finally, Piper Sandler reissued an “overweight” rating and issued a $102.00 target price (up from $92.00) on shares of Customers Bancorp in a report on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $94.36.

Customers Bancorp Trading Down 3.0%

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.05. The business’s fifty day simple moving average is $78.54 and its 200 day simple moving average is $76.06. The stock has a market cap of $2.85 billion, a P/E ratio of 10.24 and a beta of 1.43.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, October 22nd. The bank reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.13. The firm had revenue of $240.24 million during the quarter, compared to analysts’ expectations of $237.18 million. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. During the same quarter in the previous year, the company posted $2.20 EPS. As a group, analysts expect that Customers Bancorp, Inc will post 8.55 EPS for the current year.

Insiders Place Their Bets

In other Customers Bancorp news, Chairman Jay Sidhu sold 50,000 shares of the company’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $87.40, for a total transaction of $4,370,000.00. Following the completion of the sale, the chairman owned 617,864 shares in the company, valued at approximately $54,001,313.60. The trade was a 7.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director T. Way sold 723 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $85.16, for a total value of $61,570.68. Following the completion of the sale, the director owned 77,890 shares of the company’s stock, valued at $6,633,112.40. This represents a 0.92% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 105,019 shares of company stock valued at $8,998,514. Company insiders own 10.45% of the company’s stock.

Institutional Trading of Customers Bancorp

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Customers Bancorp in the 2nd quarter valued at $385,165,000. Wellington Management Group LLP lifted its holdings in shares of Customers Bancorp by 3.8% during the second quarter. Wellington Management Group LLP now owns 4,035,500 shares of the bank’s stock worth $319,208,000 after buying an additional 145,956 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Customers Bancorp by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank’s stock valued at $134,859,000 after acquiring an additional 65,954 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Customers Bancorp by 22.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 688,772 shares of the bank’s stock valued at $50,990,000 after acquiring an additional 125,855 shares during the period. Finally, Emerald Advisers LLC grew its stake in shares of Customers Bancorp by 3.9% in the first quarter. Emerald Advisers LLC now owns 343,209 shares of the bank’s stock valued at $23,822,000 after acquiring an additional 12,899 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.