Customers Bancorp (NYSE:CUBI) Sets New 52-Week High – Here’s Why

Customers Bancorp, Inc (NYSE:CUBI) reached a new 52-week high on Tuesday . The stock traded as high as $74.57 and last traded at $73.5450, with a volume of 376944 shares. The stock had previously closed at $72.98.

Analyst Upgrades and Downgrades

CUBI has been the subject of a number of research analyst reports. Wall Street Zen lowered Customers Bancorp from a “buy” rating to a “hold” rating in a report on Saturday. National Bankshares set a $89.00 price target on Customers Bancorp in a research report on Wednesday, September 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of Customers Bancorp in a research note on Monday, December 8th. Zacks Research raised Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 28th. Finally, Stephens upped their target price on Customers Bancorp from $62.00 to $68.00 and gave the company an “equal weight” rating in a report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Customers Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $83.67.

Customers Bancorp Stock Performance

The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 14.92 and a beta of 1.61. The firm’s 50 day moving average is $67.41 and its 200-day moving average is $64.40. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 0.98.

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 company had revenue of $206.82 million for the quarter. Sell-side analysts anticipate that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

Insider Activity at Customers Bancorp

In other news, Director Bernard Bennett Banks sold 9,000 shares of Customers Bancorp stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $66.93, for a total value of $602,370.00. Following the transaction, the director owned 7,524 shares of the company’s stock, valued at $503,581.32. This trade represents a 54.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Philip Watkins sold 2,900 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $65.04, for a total transaction of $188,616.00. Following the completion of the sale, the executive vice president owned 50,849 shares of the company’s stock, valued at $3,307,218.96. The trade was a 5.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 211,900 shares of company stock valued at $14,595,664. Corporate insiders own 8.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in Customers Bancorp during the third quarter valued at about $29,000. Jones Financial Companies Lllp acquired a new position in shares of Customers Bancorp during the 1st quarter worth about $37,000. Farther Finance Advisors LLC boosted its stake in Customers Bancorp by 63.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock valued at $44,000 after purchasing an additional 260 shares during the period. Aster Capital Management DIFC Ltd grew its holdings in Customers Bancorp by 451.2% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank’s stock valued at $61,000 after buying an additional 767 shares during the last quarter. Finally, CX Institutional bought a new position in Customers Bancorp in the 3rd quarter worth approximately $67,000. Institutional investors 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.