US Bancorp DE Sells 6,303 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

US Bancorp DE trimmed its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 87.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 907 shares of the bank’s stock after selling 6,303 shares during the quarter. US Bancorp DE’s holdings in Customers Bancorp were worth $42,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Sippican Capital Advisors grew its stake in Customers Bancorp by 140.1% in the third quarter. Sippican Capital Advisors now owns 26,579 shares of the bank’s stock valued at $1,235,000 after purchasing an additional 15,510 shares in the last quarter. Semanteon Capital Management LP bought a new position in Customers Bancorp in the third quarter valued at approximately $353,000. SRN Advisors LLC grew its stake in Customers Bancorp by 135.7% in the third quarter. SRN Advisors LLC now owns 26,652 shares of the bank’s stock valued at $1,238,000 after purchasing an additional 15,343 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after purchasing an additional 225,785 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in Customers Bancorp by 4.0% in the third quarter. Wedge Capital Management L L P NC now owns 54,341 shares of the bank’s stock valued at $2,524,000 after purchasing an additional 2,067 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction 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 completion of the transaction, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. The trade was a 7.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jay S. Sidhu sold 860 shares of Customers Bancorp stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total value of $47,067.80. Following the completion of the transaction, the chief executive officer now directly owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 92,440 shares of company stock valued at $5,210,695 in the last three months. Corporate insiders own 6.92% of the company’s stock.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $54.87 on Monday. The stock has a market cap of $1.72 billion, a P/E ratio of 8.91 and a beta of 1.61. The stock has a 50 day simple moving average of $47.84 and a 200 day simple moving average of $49.31. 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, Inc. has a 1-year low of $42.31 and a 1-year high of $68.49.

Customers Bancorp (NYSE:CUBI) last released its quarterly 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). The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The business’s revenue for the quarter was down 23.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.59 earnings per share. Research analysts anticipate that Customers Bancorp, Inc. will post 5.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CUBI shares. B. Riley raised their price objective on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Friday. Stephens raised their price objective on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Hovde Group cut Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a research report on Friday, August 9th. Finally, Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Customers Bancorp has a consensus rating of “Moderate Buy” and an average target price of $61.11.

Customers Bancorp 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.