Customers Bancorp (NYSE:CUBI) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Customers Bancorp (NYSE:CUBI) from a hold rating to a sell rating in a report published on Saturday.

A number of other equities research analysts also recently issued reports on the stock. Hovde Group downgraded shares of 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. DA Davidson upped their target price on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $57.00 to $52.00 in a research note on Monday, November 4th. Finally, Piper Sandler lowered their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $61.11.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock opened at $57.67 on Friday. Customers Bancorp has a 52 week low of $42.31 and a 52 week high of $68.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average price of $48.47 and a 200-day moving average price of $49.55. The company has a market cap of $1.81 billion, a PE ratio of 9.36 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The company had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. During the same period in the previous year, the company posted $2.59 earnings per share. The company’s quarterly revenue was down 23.2% compared to the same quarter last year. Equities analysts anticipate that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, CEO Jay S. Sidhu sold 860 shares of Customers Bancorp stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $54.73, for a total transaction of $47,067.80. Following the completion of the transaction, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. The trade was a 0.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the sale, the director now directly owns 4,567 shares in the company, valued at $245,613.26. This trade represents a 46.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,440 shares of company stock worth $5,425,815. Company insiders own 6.92% of the company’s stock.

Institutional Trading of Customers Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Basswood Capital Management L.L.C. purchased a new stake in Customers Bancorp in the third quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of Customers Bancorp in the 2nd quarter worth about $48,000. GAMMA Investing LLC raised its stake in Customers Bancorp by 21.7% in the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after buying an additional 282 shares in the last quarter. Innealta Capital LLC purchased a new stake in Customers Bancorp in the second quarter worth $74,000. Finally, Quest Partners LLC increased its stake in shares of Customers Bancorp by 143.4% in the 3rd quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock worth $76,000 after acquiring an additional 962 shares in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

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.