Customers Bancorp (NYSE:CUBI) Reaches New 52-Week High – Time to Buy?

Customers Bancorp, Inc (NYSE:CUBI)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $72.56 and last traded at $72.6950, with a volume of 123600 shares. The stock had previously closed at $70.95.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Customers Bancorp in a report on Monday. B. Riley restated a “buy” rating on shares of Customers Bancorp in a research note on Monday, October 27th. Cowen reaffirmed a “buy” rating on shares of Customers Bancorp in a research report on Monday, October 27th. DA Davidson upped their price objective on Customers Bancorp from $77.00 to $88.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Finally, TD Cowen increased their price objective on Customers Bancorp from $89.00 to $95.00 and gave the company a “buy” rating in a report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $82.88.

Customers Bancorp Stock Down 0.4%

The stock has a market cap of $2.42 billion, a P/E ratio of 14.38 and a beta of 1.61. The firm has a 50 day simple moving average of $66.57 and a 200-day simple moving average of $63.37. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.67.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Monday, September 8th. The bank reported $1.80 earnings per share for the quarter. Customers Bancorp had a return on equity of 13.24% and a net margin of 12.43%.The business had revenue of $206.82 million for the quarter. On average, equities research analysts forecast that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

Insider Transactions at Customers Bancorp

In related news, Director Bernard Bennett Banks sold 9,000 shares of Customers Bancorp stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $66.93, for a total transaction of $602,370.00. Following the completion of the sale, the director owned 7,524 shares of the company’s stock, valued at approximately $503,581.32. The trade was a 54.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Philip Watkins sold 2,900 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $65.04, for a total transaction of $188,616.00. Following the completion of the transaction, the executive vice president owned 50,849 shares in the company, valued at approximately $3,307,218.96. This trade represents a 5.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 211,900 shares of company stock worth $14,595,664. 8.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of large investors have recently made changes to their positions in the company. Arizona State Retirement System grew its position in Customers Bancorp by 1.8% in the 3rd quarter. Arizona State Retirement System now owns 8,879 shares of the bank’s stock valued at $580,000 after purchasing an additional 155 shares during the period. Alliancebernstein L.P. raised its holdings in Customers Bancorp by 0.5% during the third quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock worth $2,226,000 after buying an additional 182 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Customers Bancorp by 4.2% in the second quarter. Teacher Retirement System of Texas now owns 4,542 shares of the bank’s stock valued at $267,000 after buying an additional 185 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Customers Bancorp by 5.3% during the first quarter. EP Wealth Advisors LLC now owns 4,431 shares of the bank’s stock valued at $222,000 after buying an additional 223 shares during the last quarter. Finally, Concurrent Investment Advisors LLC increased its position in shares of Customers Bancorp by 4.6% during the second quarter. Concurrent Investment Advisors LLC now owns 5,562 shares of the bank’s stock worth $327,000 after acquiring an additional 243 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

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.