Short Interest in Customers Bancorp, Inc. (NYSE:CUBI) Rises By 5.5%

Customers Bancorp, Inc. (NYSE:CUBI) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 2,880,000 shares, an increase of 5.5% from the September 15th total of 2,730,000 shares. Approximately 9.9% of the company’s stock are sold short. Based on an average daily trading volume, of 459,100 shares, the days-to-cover ratio is currently 6.3 days.

Insider Buying and Selling at Customers Bancorp

In other news, CEO Samvir S. Sidhu acquired 2,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average price of $45.53 per share, with a total value of $113,825.00. Following the transaction, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds have recently bought and sold shares of CUBI. Hood River Capital Management LLC raised its stake in shares of Customers Bancorp by 94.3% during the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after buying an additional 266,462 shares during the period. Assenagon Asset Management S.A. raised its position in Customers Bancorp by 252.1% during the second quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock worth $12,185,000 after acquiring an additional 181,819 shares during the period. Peregrine Capital Management LLC purchased a new position in Customers Bancorp during the second quarter valued at $7,690,000. Vanguard Group Inc. lifted its holdings in Customers Bancorp by 5.4% during the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock valued at $116,038,000 after purchasing an additional 111,654 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Customers Bancorp by 14.6% in the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after purchasing an additional 87,557 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Price Performance

NYSE:CUBI opened at $47.51 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.93 and a quick ratio of 0.91. The company has a 50 day moving average price of $47.62 and a 200-day moving average price of $49.26. Customers Bancorp has a 1-year low of $31.16 and a 1-year high of $68.49. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 6.70 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.06. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The company had revenue of $198.69 million during the quarter, compared to analysts’ expectations of $184.40 million. During the same quarter in the previous year, the company earned $1.65 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that Customers Bancorp will post 6.11 EPS for the current year.

Analysts Set New Price Targets

CUBI has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped their target price on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Hovde Group lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a research report on Friday, August 9th. Raymond James dropped their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, October 2nd. Finally, B. Riley lifted their price objective on shares of Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

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.