Customers Bancorp (NYSE:CUBI) Reaches New 1-Year High – Still a Buy?

Customers Bancorp, Inc (NYSE:CUBI)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $84.38 and last traded at $84.09, with a volume of 31928 shares changing hands. The stock had previously closed at $82.79.

Analyst Ratings Changes

CUBI has been the subject of several research reports. Morgan Stanley upped their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Piper Sandler boosted their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods increased their price target on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. DA Davidson raised their price objective on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.69.

Customers Bancorp Price Performance

The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $2.83 billion, a PE ratio of 10.20 and a beta of 1.49. The firm has a 50-day simple moving average of $78.39 and a 200 day simple moving average of $74.88.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.05. The firm had revenue of $227.28 million for 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 company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.80 EPS. As a group, equities analysts expect that Customers Bancorp, Inc will post 8.43 EPS for the current year.

Insider Buying and Selling

In other Customers Bancorp news, Chairman Jay S. Sidhu sold 68,821 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value of $5,511,873.89. Following the sale, the chairman owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 160,315 shares of company stock worth $12,578,896 over the last 90 days. Insiders own 10.45% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several large investors have recently made changes to their positions in CUBI. Arax Advisory Partners grew its stake in shares of Customers Bancorp by 218.9% in the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after buying an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Customers Bancorp during the third quarter valued at $29,000. Bessemer Group Inc. boosted its holdings 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. Jones Financial Companies Lllp bought a new stake in Customers Bancorp in the first quarter worth $37,000. Finally, Transamerica Financial Advisors LLC grew its stake in shares of Customers Bancorp by 216.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after acquiring an additional 404 shares during the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

About Customers Bancorp

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid?market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset?based lending and treasury management services.