Customers Bancorp (NYSE:CUBI) Shares Gap Up Following Earnings Beat

Customers Bancorp, Inc. (NYSE:CUBI)’s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $50.35, but opened at $53.53. Customers Bancorp shares last traded at $56.38, with a volume of 222,482 shares.

The bank reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.15. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%.

Analyst Upgrades and Downgrades

CUBI has been the subject of a number of research reports. B. Riley boosted their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Raymond James dropped their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. Piper Sandler reduced their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Stephens boosted their target price on Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Finally, StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $62.22.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, CEO Jay S. Sidhu sold 86,578 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total value of $4,895,120.12. Following the completion of the sale, the chief executive officer now directly owns 1,090,598 shares in the company, valued at $61,662,410.92. This trade represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Glenn Hedde sold 5,002 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the transaction, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,440 shares of company stock valued at $5,425,815 in the last quarter. Company insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new stake in shares of Customers Bancorp in the 2nd quarter worth approximately $698,000. Thrivent Financial for Lutherans increased its holdings in shares of Customers Bancorp by 26.6% during the second quarter. Thrivent Financial for Lutherans now owns 71,473 shares of the bank’s stock valued at $3,429,000 after acquiring an additional 15,011 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Customers Bancorp by 117.9% during the third quarter. BNP Paribas Financial Markets now owns 40,425 shares of the bank’s stock valued at $1,878,000 after acquiring an additional 21,871 shares in the last quarter. Walleye Capital LLC raised its position in shares of Customers Bancorp by 536.3% in the 3rd quarter. Walleye Capital LLC now owns 38,450 shares of the bank’s stock worth $1,786,000 after purchasing an additional 32,407 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Customers Bancorp by 88.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after purchasing an additional 225,785 shares during the last quarter. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Performance

The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $1.77 billion, a P/E ratio of 9.15 and a beta of 1.68. The business’s 50 day simple moving average is $51.36 and its two-hundred day simple moving average is $50.94.

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.