Customers Bancorp (NYSE:CUBI) Hits New 1-Year High - Should You Buy?

Key Points

• Customers Bancorp shares reached a new 52-week high, trading as high as $89.60 and up 2.1% on the day.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $94.36; recent targets include $100 from JPMorgan and $102 from Piper Sandler.
• The bank beat quarterly estimates, reporting $2.27 in EPS versus $2.14 expected and $240.24 million in revenue versus $237.18 million expected. Chairman Jay Sidhu also sold 50,000 shares at an average price of $87.40.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) shares hit a new 52-week high during trading 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 Analysts Forecast Growth

CUBI has been the subject of a number of recent analyst reports. Piper Sandler reiterated an "overweight" rating and set a $102.00 target price (up from $92.00) on shares of Customers Bancorp in a research report on Monday, October 26th. Weiss Ratings restated a "buy (b)" rating on shares of Customers Bancorp in a research report on Friday, September 25th. Morgan Stanley reaffirmed an "underweight" rating and issued a $97.00 price target on shares of Customers Bancorp in a research note on Monday, October 26th. Keefe, Bruyette & Woods upped their price objective on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Customers Bancorp from $92.00 to $100.00 and gave the stock an "overweight" rating in a research note on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $94.36.

Customers Bancorp Trading Up 2.1%

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 firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 10.56 and a beta of 1.43. The firm's 50-day moving average is $78.25 and its 200 day moving average is $75.98.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The bank reported $2.27 EPS for the quarter, beating analysts' consensus estimates of $2.14 by $0.13. The company had revenue of $240.24 million for the quarter, compared to analyst estimates of $237.18 million. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. During the same period in the prior year, the firm posted $2.20 EPS. On average, equities analysts predict that Customers Bancorp, Inc will post 8.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Customers Bancorp news, Chairman Jay Sidhu sold 50,000 shares of Customers Bancorp stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $87.40, for a total value of $4,370,000.00. Following the completion of the sale, the chairman directly owned 617,864 shares of the company's stock, valued at approximately $54,001,313.60. The trade was a 7.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 10.45% of the company's stock.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in CUBI. Bessemer Group Inc. raised its stake in Customers Bancorp by 78.4% during the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock worth $37,000 after buying an additional 232 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Customers Bancorp in the second quarter valued at approximately $40,000. Versant Capital Management Inc grew its stake in Customers Bancorp by 41.0% in the second quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock valued at $44,000 after acquiring an additional 163 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Customers Bancorp in the second quarter valued at approximately $71,000. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Customers Bancorp by 528.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,445 shares of the bank's stock valued at $106,000 after acquiring an additional 1,215 shares in the last quarter. Institutional investors 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.

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