Customers Bancorp, Inc. (NYSE:CUBI) Short Interest Down 11.6% in November

Customers Bancorp, Inc. (NYSE:CUBI) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,050,000 shares, a decrease of 11.6% from the October 31st total of 2,320,000 shares. Based on an average daily trading volume, of 381,200 shares, the days-to-cover ratio is presently 5.4 days. Approximately 7.1% of the company’s stock are short sold.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Stephens boosted their target price on shares of Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Raymond James cut their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. B. Riley lifted their price target on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $57.00 to $52.00 in a research note on Monday, November 4th. Finally, Piper Sandler reduced their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.11.

Insiders Place Their Bets

In other news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the sale, the insider now owns 66,256 shares in the company, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jay S. Sidhu sold 860 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total value of $47,067.80. Following the transaction, the chief executive officer now owns 1,189,738 shares in the company, valued at approximately $65,114,360.74. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,440 shares of company stock worth $5,425,815. 6.92% of the stock is currently owned by company insiders.

Institutional Trading of Customers Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of CUBI. Basswood Capital Management L.L.C. acquired a new stake in shares of Customers Bancorp in the third quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in Customers Bancorp during the second quarter worth about $48,000. GAMMA Investing LLC lifted its position in shares of Customers Bancorp by 21.7% during the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after purchasing an additional 282 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Customers Bancorp in the second quarter valued at approximately $74,000. Finally, Quest Partners LLC grew its holdings in shares of Customers Bancorp by 143.4% in the third quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock valued at $76,000 after purchasing an additional 962 shares in the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

Customers Bancorp Price Performance

Shares of NYSE:CUBI traded down $0.39 during midday trading on Friday, hitting $56.45. The company had a trading volume of 150,861 shares, compared to its average volume of 441,278. The business’s 50-day simple moving average is $49.30 and its 200-day simple moving average is $49.82. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of 9.16 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp has a twelve month low of $42.31 and a twelve month high of $68.49.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). The business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The company’s revenue was down 23.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.59 earnings per share. On average, research analysts predict that Customers Bancorp will post 5.63 earnings per share for the current year.

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.