Customers Bancorp (NYSE:CUBI) Shares Down 6.5%

Customers Bancorp, Inc. (NYSE:CUBI)’s share price was down 6.5% during trading on Monday . The company traded as low as $45.63 and last traded at $45.82. Approximately 342,919 shares changed hands during mid-day trading, an increase of 20% from the average daily volume of 285,943 shares. The stock had previously closed at $49.02.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CUBI. Jefferies Financial Group upped their target price on Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Wedbush dropped their target price on shares of Customers Bancorp from $70.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday, January 26th. B. Riley raised their price target on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Finally, Raymond James upped their price objective on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, January 29th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.86.

Customers Bancorp Trading Up 1.1 %

The company has a market capitalization of $1.48 billion, a P/E ratio of 6.40 and a beta of 1.67. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.92. The firm’s 50-day moving average price is $51.99 and its 200 day moving average price is $48.35.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. Customers Bancorp had a return on equity of 18.75% and a net margin of 17.23%. The firm had revenue of $191.18 million during the quarter, compared to analyst estimates of $187.87 million. As a group, equities research analysts predict that Customers Bancorp, Inc. will post 6.85 earnings per share for the current year.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total transaction of $36,097.20. Following the transaction, the insider now directly owns 69,428 shares of the company’s stock, valued at approximately $3,762,997.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the sale, the insider now owns 69,428 shares in the company, valued at approximately $3,762,997.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the transaction, the chief financial officer now owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds have recently made changes to their positions in the business. SummerHaven Investment Management LLC increased its holdings in Customers Bancorp by 1.0% during the fourth quarter. SummerHaven Investment Management LLC now owns 20,202 shares of the bank’s stock worth $1,164,000 after buying an additional 205 shares during the last quarter. SevenOneSeven Capital Management increased its stake in shares of Customers Bancorp by 3.8% during the 4th quarter. SevenOneSeven Capital Management now owns 8,713 shares of the bank’s stock worth $247,000 after purchasing an additional 315 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Customers Bancorp by 3.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,783 shares of the bank’s stock worth $366,000 after purchasing an additional 328 shares during the period. Legal & General Group Plc raised its holdings in shares of Customers Bancorp by 0.4% in the 4th quarter. Legal & General Group Plc now owns 81,576 shares of the bank’s stock worth $4,700,000 after purchasing an additional 329 shares during the period. Finally, Great West Life Assurance Co. Can lifted its stake in Customers Bancorp by 1.5% in the first quarter. Great West Life Assurance Co. Can now owns 26,354 shares of the bank’s stock valued at $1,410,000 after purchasing an additional 398 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

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.