Customers Bancorp (NYSE:CUBI) Sees Unusually-High Trading Volume After Better-Than-Expected Earnings

Customers Bancorp, Inc. (NYSE:CUBI) saw unusually-strong trading volume on Friday following a stronger than expected earnings report. Approximately 236,006 shares were traded during mid-day trading, a decline of 17% from the previous session’s volume of 285,346 shares.The stock last traded at $45.74 and had previously closed at $49.53.

The bank reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.06. Customers Bancorp had a net margin of 17.23% and a return on equity of 18.75%. The business had revenue of $181.62 million during the quarter, compared to analysts’ expectations of $183.48 million. During the same quarter in the prior year, the company earned $1.58 EPS. The firm’s quarterly revenue was up 8.1% on a year-over-year basis.

Wall Street Analyst Weigh In

CUBI has been the subject of a number of research reports. B. Riley increased their target price on Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Raymond James increased their target price on Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. Jefferies Financial Group increased their target price on Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, Wedbush lowered their target price on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating for the company in a report on Friday. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $61.29.

Insider Transactions at Customers Bancorp

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

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of CUBI. BluePath Capital Management LLC bought a new position in Customers Bancorp during the third quarter valued at $31,000. GAMMA Investing LLC acquired a new stake in Customers Bancorp in the 4th quarter worth approximately $78,000. Counterpoint Mutual Funds LLC acquired a new stake in Customers Bancorp during the 3rd quarter valued at approximately $87,000. C M Bidwell & Associates Ltd. acquired a new stake in Customers Bancorp during the 3rd quarter valued at approximately $112,000. Finally, Federated Hermes Inc. lifted its stake in Customers Bancorp by 29,550.0% during 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 during the period. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Performance

The company has a market cap of $1.46 billion, a PE ratio of 6.33 and a beta of 1.67. The firm’s fifty day moving average is $51.63 and its 200 day moving average is $48.89. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.92.

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.