Customers Bancorp (NYSE:CUBI) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Customers Bancorp (NYSE:CUBI) from a hold rating to a sell rating in a research note released on Monday.

Several other equities analysts have also recently commented on CUBI. Hovde Group cut 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. B. Riley raised their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their target price for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Piper Sandler decreased their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Keefe, Bruyette & Woods cut Customers Bancorp from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $57.00 to $52.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $61.88.

Customers Bancorp Trading Down 6.8 %

NYSE CUBI opened at $51.76 on Monday. The company’s fifty day simple moving average is $47.19 and its 200-day simple moving average is $48.99. The stock has a market cap of $1.64 billion, a P/E ratio of 8.40 and a beta of 1.61. Customers Bancorp has a 52 week low of $40.61 and a 52 week high of $68.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The business had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. During the same quarter in the prior year, the business earned $2.59 earnings per share. The firm’s revenue was down 23.2% on a year-over-year basis. Equities research analysts predict that Customers Bancorp will post 5.98 EPS for the current fiscal year.

Insider Transactions at Customers Bancorp

In related news, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 66,256 shares in the company, valued at $3,556,622.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Samvir S. Sidhu purchased 2,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were bought at an average price of $45.53 per share, for a total transaction of $113,825.00. Following the completion of the purchase, the chief executive officer now owns 144,504 shares of the company’s stock, valued at $6,579,267.12. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CUBI. Hood River Capital Management LLC raised its position 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 in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Customers Bancorp by 88.9% during the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after acquiring an additional 225,785 shares during the period. Peregrine Capital Management LLC acquired a new stake in Customers Bancorp in the second quarter worth approximately $7,690,000. Vanguard Group Inc. boosted its stake in Customers Bancorp by 5.4% during the 1st 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. increased its position in shares of Customers Bancorp by 14.6% during the 2nd 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. Institutional investors own 89.29% of the company’s stock.

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.