Customers Bancorp, Inc (NYSE:CUBI) Sees Significant Growth in Short Interest
by Teresa Graham · The Cerbat GemCustomers Bancorp, Inc (NYSE:CUBI – Get Free Report) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 2,440,020 shares, a growth of 20.4% from the March 15th total of 2,026,657 shares. Based on an average trading volume of 414,449 shares, the short-interest ratio is currently 5.9 days. Approximately 7.8% of the shares of the company are sold short.
Customers Bancorp Trading Up 2.3%
Shares of Customers Bancorp stock traded up $1.77 during mid-day trading on Friday, hitting $77.38. 427,479 shares of the stock were exchanged, compared to its average volume of 352,134. Customers Bancorp has a twelve month low of $43.67 and a twelve month high of $82.56. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 12.48 and a beta of 1.57. The company has a 50-day simple moving average of $70.45 and a 200 day simple moving average of $70.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76.
Customers Bancorp (NYSE:CUBI – Get Free Report) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.02. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. The company had revenue of $236.90 million for the quarter, compared to analysts’ expectations of $200.38 million. During the same period last year, the company earned $1.36 EPS. Research analysts forecast that Customers Bancorp will post 6.45 EPS for the current year.
Customers Bancorp announced that its board has initiated a stock buyback program on Wednesday, February 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
CUBI has been the subject of several recent analyst reports. Raymond James Financial restated a “strong-buy” rating and issued a $95.00 target price on shares of Customers Bancorp in a research note on Tuesday, January 6th. Weiss Ratings upgraded shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. Piper Sandler started coverage on shares of Customers Bancorp in a report on Thursday, March 12th. They issued an “overweight” rating and a $82.00 price target for the company. DA Davidson increased their price target on shares of Customers Bancorp from $93.00 to $95.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, B. Riley Financial restated a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $86.42.
View Our Latest Stock Analysis on CUBI
Institutional Investors Weigh In On Customers Bancorp
Several hedge funds have recently modified their holdings of CUBI. Price T Rowe Associates Inc. MD boosted its stake in shares of Customers Bancorp by 3,074.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock worth $63,732,000 after purchasing an additional 844,141 shares during the last quarter. Anatole Investment Management Ltd acquired a new stake in shares of Customers Bancorp in the second quarter worth approximately $17,593,000. Millennium Management LLC boosted its position in shares of Customers Bancorp by 448.8% in the third quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock worth $21,427,000 after acquiring an additional 268,056 shares during the last quarter. Emerald Advisers LLC acquired a new stake in shares of Customers Bancorp in the third quarter worth approximately $15,150,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Customers Bancorp by 247,273.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock worth $16,279,000 after acquiring an additional 222,546 shares during the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.
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.