Customers Bancorp, Inc. (NYSE:CUBI) Sees Significant Decline in Short Interest

Customers Bancorp, Inc. (NYSE:CUBI) was the target of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 1,860,000 shares, a drop of 6.1% from the March 31st total of 1,980,000 shares. Based on an average daily volume of 281,400 shares, the days-to-cover ratio is currently 6.6 days. Currently, 6.4% of the company’s shares are sold short.

Customers Bancorp Stock Up 1.7 %

CUBI opened at $47.60 on Tuesday. Customers Bancorp has a fifty-two week low of $15.80 and a fifty-two week high of $60.09. The business has a 50-day moving average of $51.40 and a 200-day moving average of $49.21. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.93 and a quick ratio of 0.91. The company has a market capitalization of $1.50 billion, a PE ratio of 6.65 and a beta of 1.67.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.05. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The company had revenue of $181.62 million during the quarter, compared to the consensus estimate of $183.48 million. During the same period last year, the business earned $1.58 EPS. The business’s quarterly revenue was up 8.1% on a year-over-year basis. Equities research analysts forecast that Customers Bancorp will post 6.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CUBI shares. B. Riley raised their price objective on Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, January 29th. Jefferies Financial Group raised their price objective on Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Wedbush decreased their price objective on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Raymond James raised their price target on Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.29.

Insider Activity at Customers Bancorp

In related news, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the transaction, the chief financial officer now owns 41,224 shares in the company, valued at approximately $2,191,055.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Customers Bancorp news, CFO Carla A. Leibold sold 35,832 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the completion of the sale, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the sale, the insider now owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CUBI. BluePath Capital Management LLC bought a new position in shares of Customers Bancorp in the 3rd quarter valued at approximately $31,000. GAMMA Investing LLC bought a new position in shares of Customers Bancorp in the 4th quarter valued at approximately $78,000. C M Bidwell & Associates Ltd. bought a new position in shares of Customers Bancorp in the 3rd quarter valued at approximately $112,000. Federated Hermes Inc. raised its stake in shares of Customers Bancorp by 29,550.0% in the 3rd quarter. Federated Hermes Inc. now owns 3,558 shares of the bank’s stock valued at $123,000 after acquiring an additional 3,546 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Customers Bancorp in the 4th quarter valued at approximately $209,000. 89.29% of the stock is owned by institutional investors.

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.