Customers Bancorp (NYSE:CUBI) Stock Price Up 13.8% – What’s Next?

Shares of Customers Bancorp, Inc. (NYSE:CUBI) traded up 13.8% during mid-day trading on Wednesday . The company traded as high as $53.59 and last traded at $52.83. 132,528 shares changed hands during trading, a decline of 63% from the average session volume of 363,028 shares. The stock had previously closed at $46.44.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. StockNews.com lowered Customers Bancorp from a “hold” rating to a “sell” rating in a research note on Monday. DA Davidson upped their target price on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Piper Sandler cut their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday. Hovde Group cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a research note on Friday, August 9th. Finally, Raymond James cut their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $61.88.

Customers Bancorp Stock Up 19.5 %

The stock has a market capitalization of $1.76 billion, a P/E ratio of 8.58 and a beta of 1.61. The stock’s 50 day simple moving average is $47.09 and its 200 day simple moving average is $48.92. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. During the same period last year, the business posted $2.59 EPS. The company’s revenue for the quarter was down 23.2% on a year-over-year basis. As a group, research analysts predict that Customers Bancorp, Inc. will post 6.11 EPS for the current fiscal year.

Insider Transactions at Customers Bancorp

In other news, CEO Samvir S. Sidhu acquired 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price of $45.53 per share, with a total value of $113,825.00. Following the purchase, the chief executive officer now owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors have recently modified their holdings of the stock. Wedge Capital Management L L P NC purchased a new position in Customers Bancorp in the second quarter valued at about $2,508,000. Hillsdale Investment Management Inc. bought a new stake in Customers Bancorp in the first quarter worth approximately $4,266,000. Intech Investment Management LLC acquired a new position in shares of Customers Bancorp during the 2nd quarter worth $698,000. SG Americas Securities LLC raised its holdings in shares of Customers Bancorp by 208.5% during the 1st quarter. SG Americas Securities LLC now owns 21,632 shares of the bank’s stock valued at $1,148,000 after purchasing an additional 14,621 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Customers Bancorp by 26.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 71,473 shares of the bank’s stock valued at $3,429,000 after purchasing an additional 15,011 shares during the last quarter. Institutional investors and hedge funds 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.