Customers Bancorp, Inc (NYSE:CUBI) Sees Large Growth in Short Interest

Customers Bancorp, Inc (NYSE:CUBI) was the recipient of a significant growth in short interest in 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. Currently, 7.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 414,449 shares, the short-interest ratio is currently 5.9 days.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Stephens upgraded shares of Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price objective for the company in a research report on Monday, March 16th. Piper Sandler initiated coverage on Customers Bancorp in a research note on Thursday, March 12th. They set an “overweight” rating and a $82.00 target price for the company. Finally, TD Cowen reaffirmed a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $86.42.

Customers Bancorp Price Performance

Shares of CUBI stock traded up $1.77 on Friday, reaching $77.38. The company had a trading volume of 427,479 shares, compared to its average volume of 352,134. The business’s 50-day moving average is $70.45 and its 200 day moving average is $70.95. Customers Bancorp has a one year low of $43.67 and a one year high of $82.56. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $2.61 billion, a PE ratio of 12.48 and a beta of 1.57.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.02. The business had revenue of $236.90 million during the quarter, compared to analysts’ expectations of $200.38 million. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. During the same period in the prior year, the company earned $1.36 EPS. Equities research analysts forecast that Customers Bancorp will post 6.45 EPS for the current fiscal year.

Customers Bancorp declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Customers Bancorp

Several hedge funds have recently modified their holdings of CUBI. Arizona State Retirement System grew its position in Customers Bancorp by 1.8% during the 3rd quarter. Arizona State Retirement System now owns 8,879 shares of the bank’s stock worth $580,000 after acquiring an additional 155 shares during the last quarter. Lido Advisors LLC raised its position in Customers Bancorp by 3.0% in the fourth quarter. Lido Advisors LLC now owns 6,135 shares of the bank’s stock valued at $412,000 after purchasing an additional 178 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Customers Bancorp by 0.5% during the third quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock valued at $2,226,000 after purchasing an additional 182 shares in the last quarter. MetLife Investment Management LLC boosted its stake in shares of Customers Bancorp by 1.3% during the fourth quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank’s stock valued at $1,289,000 after purchasing an additional 230 shares in the last quarter. Finally, Arax Advisory Partners grew its holdings in shares of Customers Bancorp by 218.9% during the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

Customers Bancorp Company Profile

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.