Customers Bancorp, Inc. (NYSE:CUBI – Get Free Report) was the target of a large decline in short interest in June. As of June 30th, there was short interest totalling 1,870,000 shares, a decline of 18.3% from the June 15th total of 2,290,000 shares. Currently, 6.7% of the shares of the stock are short sold. Based on an average daily volume of 556,400 shares, the days-to-cover ratio is currently 3.4 days.
Analyst Ratings Changes
CUBI has been the subject of a number of research reports. DA Davidson raised their target price on shares of Customers Bancorp from $40.00 to $42.00 in a report on Thursday, July 6th. StockNews.com began coverage on Customers Bancorp in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Maxim Group upped their target price on Customers Bancorp from $40.00 to $45.00 in a report on Monday, May 1st. Finally, Keefe, Bruyette & Woods decreased their price target on Customers Bancorp from $51.00 to $45.00 and set an “outperform” rating for the company in a research report on Thursday, April 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Customers Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $44.33.
Customers Bancorp Stock Performance
Shares of Customers Bancorp stock opened at $39.89 on Wednesday. Customers Bancorp has a 12 month low of $6.87 and a 12 month high of $41.08. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 1.74. The stock has a market cap of $1.25 billion, a PE ratio of 6.82 and a beta of 1.57. The business has a fifty day simple moving average of $27.60 and a 200-day simple moving average of $25.72.
Customers Bancorp (NYSE:CUBI – Get Free Report) last announced its quarterly earnings data on Thursday, April 27th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.32. Customers Bancorp had a return on equity of 19.41% and a net margin of 19.34%. The firm had revenue of $181.74 million during the quarter, compared to the consensus estimate of $150.10 million. On average, sell-side analysts anticipate that Customers Bancorp will post 5.99 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CUBI. State Street Corp boosted its stake in shares of Customers Bancorp by 56.3% during the 1st quarter. State Street Corp now owns 2,282,972 shares of the bank’s stock valued at $119,034,000 after buying an additional 822,072 shares during the period. Millennium Management LLC raised its holdings in shares of Customers Bancorp by 722.1% during the fourth quarter. Millennium Management LLC now owns 380,320 shares of the bank’s stock worth $10,778,000 after acquiring an additional 334,057 shares in the last quarter. Portolan Capital Management LLC acquired a new stake in Customers Bancorp during the first quarter valued at $4,866,000. Toroso Investments LLC grew its stake in Customers Bancorp by 74.6% in the first quarter. Toroso Investments LLC now owns 572,996 shares of the bank’s stock valued at $10,612,000 after purchasing an additional 244,730 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Customers Bancorp by 614.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 279,540 shares of the bank’s stock worth $8,459,000 after purchasing an additional 240,409 shares during the last quarter. 82.63% of the stock is owned by hedge funds and other institutional investors.
About Customers Bancorp
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.