Customers Bancorp, Inc. (NYSE:CUBI) Short Interest Down 9.3% in August

Customers Bancorp, Inc. (NYSE:CUBI) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 2,730,000 shares, a decline of 9.3% from the August 15th total of 3,010,000 shares. Based on an average trading volume of 459,400 shares, the days-to-cover ratio is presently 5.9 days. Currently, 9.4% of the shares of the stock are sold short.

Insider Transactions at Customers Bancorp

In related news, CEO Samvir S. Sidhu purchased 2,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $45.53 per share, with a total value of $113,825.00. Following the completion of the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 6.92% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Several institutional investors and hedge funds have recently modified their holdings of CUBI. Hood River Capital Management LLC boosted its holdings in Customers Bancorp by 94.3% in the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after purchasing an additional 266,462 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Customers Bancorp by 252.1% in the second quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after purchasing an additional 181,819 shares during the last quarter. Peregrine Capital Management LLC purchased a new position in Customers Bancorp in the second quarter valued at about $7,690,000. Vanguard Group Inc. boosted its holdings in Customers Bancorp by 5.4% in 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 during the last quarter. Finally, American Century Companies Inc. boosted its holdings in 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 last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CUBI. Wedbush upped their target price on Customers Bancorp from $56.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods dropped their target price on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. B. Riley upped their target price on Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Hovde Group lowered Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a research note on Friday, August 9th. Finally, Jefferies Financial Group dropped their target price on Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.50.

Customers Bancorp Trading Down 0.1 %

NYSE:CUBI traded down $0.04 on Wednesday, hitting $48.45. 374,756 shares of the stock were exchanged, compared to its average volume of 360,993. Customers Bancorp has a fifty-two week low of $31.16 and a fifty-two week high of $68.49. The stock has a fifty day moving average of $53.44 and a 200-day moving average of $50.18. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The stock has a market cap of $1.53 billion, a PE ratio of 6.77 and a beta of 1.62.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.06. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The company had revenue of $198.69 million during the quarter, compared to the consensus estimate of $184.40 million. During the same quarter in the prior year, the business earned $1.65 earnings per share. The company’s revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts expect that Customers Bancorp will post 6.34 earnings per share for the current fiscal year.

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.