Customers Bancorp (NYSE:CUBI) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• Customers Bancorp shares moved above their 50-day moving average, trading as high as $79.61, while the stock’s 50-day and 200-day averages stood at $79.38 and $75.87, respectively.
• Analysts hold a consensus “Moderate Buy” rating with a $91.17 price target. Ratings include one Strong Buy, six Buys, four Holds and one Sell, although Morgan Stanley downgraded the stock to Underweight.
• The bank exceeded quarterly EPS expectations, reporting $2.05 versus the $2.00 consensus, while revenue rose 10.2% year over year. However, insiders sold 100,000 shares worth nearly $8.0 million over the past 90 days.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report)'s share price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $79.38 and traded as high as $79.61. Customers Bancorp shares last traded at $77.4230, with a volume of 327,318 shares.

Wall Street Analysts Forecast Growth

CUBI has been the subject of a number of analyst reports. Morgan Stanley lowered shares of Customers Bancorp from an "equal weight" rating to an "underweight" rating and boosted their price objective for the company from $88.00 to $89.00 in a research report on Tuesday, September 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Customers Bancorp in a research note on Monday, June 29th. JPMorgan Chase & Co. raised their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. DA Davidson lifted their target price on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price target on Customers Bancorp from $88.00 to $89.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $91.17.

Customers Bancorp Stock Performance

The firm has a market capitalization of $2.62 billion, a PE ratio of 9.44 and a beta of 1.47. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00. The company's fifty day moving average price is $79.38 and its two-hundred day moving average price is $75.87.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.05. The company had revenue of $227.28 million during the quarter, compared to analysts' expectations of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.80 EPS. As a group, equities analysts expect that Customers Bancorp, Inc will post 8.42 earnings per share for the current year.

Insider Buying and Selling

In other news, Chairman Jay Sidhu sold 68,821 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $80.09, for a total value of $5,511,873.89. Following the transaction, the chairman directly owned 667,757 shares in the company, valued at $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 100,000 shares of company stock worth $7,981,084 in the last ninety days. Corporate insiders own 10.45% of the company's stock.

Institutional Trading of Customers Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of CUBI. Versant Capital Management Inc grew its holdings in Customers Bancorp by 41.0% during the second quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock worth $44,000 after acquiring an additional 163 shares during the period. Bessemer Group Inc. raised its position in Customers Bancorp by 78.4% in the first quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock worth $37,000 after acquiring an additional 232 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Customers Bancorp by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 6,024 shares of the bank's stock valued at $418,000 after acquiring an additional 354 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Customers Bancorp by 2.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 14,700 shares of the bank's stock valued at $1,020,000 after acquiring an additional 359 shares during the last quarter. Finally, Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna boosted its position in shares of Customers Bancorp by 12.5% during the 4th quarter. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna now owns 4,500 shares of the bank's stock valued at $329,000 after purchasing an additional 500 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 services to businesses, institutions, professionals and individual consumers.

Customers Bank offers commercial and industrial lending, commercial real estate loans, small business financing, residential and consumer loans, deposit accounts, cash-management services and other treasury-management solutions. The bank also operates specialty and digital banking businesses designed to support technology companies, venture-backed businesses, financial institutions and other commercial clients.

Customers Bancorp was established in 2009 and has developed from a regional banking organization into a bank with both Mid-Atlantic operations and nationally oriented specialty-finance and digital capabilities.

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