Customers Bancorp (NYSE:CUBI) Sets New 1-Year High - Here's What Happened

Key Points

• Customers Bancorp reached a new 52-week high of $84.38, up from its prior close of $82.79, with a market capitalization of approximately $2.84 billion.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $90.69; several firms recently raised their targets to between $89 and $100.
• The bank exceeded quarterly EPS expectations, reporting $2.05 versus the $2.00 consensus, while revenue increased 10.2% year over year. However, insiders sold roughly $12.6 million of shares over the past three months.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $84.38 and last traded at $84.09, with a volume of 31928 shares traded. The stock had previously closed at $82.79.

Analysts Set New Price Targets

CUBI has been the subject of a number of research analyst reports. Fundamental Research set a $94.00 price target on Customers Bancorp in a report on Wednesday, July 1st. DA Davidson boosted their price objective on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of Customers Bancorp in a report on Monday, June 29th. Piper Sandler increased their target price on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.69.

Customers Bancorp Stock Performance

The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50 day simple moving average of $78.03 and a two-hundred day simple moving average of $74.75. The company has a market cap of $2.84 billion, a PE ratio of 10.24 and a beta of 1.49.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business had revenue of $227.28 million for the quarter, compared to analyst estimates of $229.24 million. During the same period last year, the firm posted $1.80 earnings per share. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. Equities analysts predict that Customers Bancorp, Inc will post 8.43 EPS for the current year.

Insider Activity at Customers Bancorp

In other news, Chairman Jay S. Sidhu sold 68,821 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 160,315 shares of company stock valued at $12,578,896 over the last three months. 10.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CUBI. BlackRock Inc. acquired a new stake in shares of Customers Bancorp during the second quarter worth $385,165,000. Vanguard Group Inc. raised its position in Customers Bancorp by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank's stock worth $162,424,000 after buying an additional 66,031 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Customers Bancorp by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank's stock worth $134,859,000 after buying an additional 65,954 shares during the last quarter. State Street Corp lifted its stake in shares of Customers Bancorp by 1.8% in the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank's stock worth $133,998,000 after acquiring an additional 32,449 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank's stock worth $63,732,000 after acquiring an additional 844,141 shares during the period. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Customers Bancorp Company Profile

Customers Bancorp, Inc NYSE: CUBI is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.

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