Customers Bancorp (NYSE:CUBI) Sets New 1-Year High - Still a Buy?

Key Points

• Customers Bancorp (NYSE:CUBI) reached a new 52-week high of $67.34 during trading, reflecting strong interest with a trading volume of 19,108 shares.
• Analysts have recently upgraded their ratings and price targets for Customers Bancorp, with DA Davidson setting a new target at $78.00 and B. Riley increasing theirs to $85.00.
• In its latest earnings report, Customers Bancorp delivered $1.80 EPS, beating estimates of $1.50 and achieving revenue of $206.31 million for the quarter.

Shares of Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $67.34 and last traded at $67.01, with a volume of 19108 shares changing hands. The stock had previously closed at $66.55.

Analyst Ratings Changes

A number of analysts have recently commented on CUBI shares. Stephens boosted their price objective on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. B. Riley boosted their price objective on Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, July 28th. DA Davidson boosted their price objective on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods boosted their price objective on Customers Bancorp from $70.00 to $71.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Customers Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $69.25.

Customers Bancorp Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a 50 day moving average price of $62.04 and a 200-day moving average price of $54.82. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 17.01 and a beta of 1.59.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $1.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.30. The firm had revenue of $206.31 million for the quarter, compared to analyst estimates of $170.81 million. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%.The business's revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.49 earnings per share. On average, analysts forecast that Customers Bancorp, Inc will post 6.45 earnings per share for the current year.

Hedge Funds Weigh In On Customers Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its stake in shares of Customers Bancorp by 34.3% in the 1st quarter. Wellington Management Group LLP now owns 3,532,851 shares of the bank's stock valued at $177,349,000 after purchasing an additional 902,406 shares during the last quarter. Nuveen LLC acquired a new position in shares of Customers Bancorp in the 1st quarter valued at $26,652,000. Anatole Investment Management Ltd acquired a new position in shares of Customers Bancorp in the 2nd quarter valued at $17,593,000. Millennium Management LLC lifted its stake in shares of Customers Bancorp by 71.4% in the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank's stock valued at $13,791,000 after purchasing an additional 114,430 shares during the last quarter. Finally, Access Investment Management LLC acquired a new position in shares of Customers Bancorp in the 2nd quarter valued at $6,721,000. Institutional investors and hedge funds own 89.29% of the company's stock.

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.