Customers Bancorp (NYSE:CUBI) Shares Gap Down – Time to Sell?

Customers Bancorp, Inc. (NYSE:CUBI)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $48.62, but opened at $47.55. Customers Bancorp shares last traded at $48.20, with a volume of 12,489 shares traded.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Piper Sandler reduced their price target on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Keefe, Bruyette & Woods lifted their target price on Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Stephens increased their price target on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Finally, Raymond James lowered their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.22.

Customers Bancorp Price Performance

The company has a market capitalization of $1.51 billion, a PE ratio of 7.84 and a beta of 1.65. 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 firm’s 50 day simple moving average is $51.58 and its 200 day simple moving average is $50.63.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS 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 firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the previous year, the company posted $2.59 earnings per share. The business’s revenue for the quarter was down 23.2% on a year-over-year basis. As a group, research analysts anticipate that Customers Bancorp, Inc. will post 5.63 EPS for the current fiscal year.

Insider Activity at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total transaction of $268,507.36. Following the transaction, the insider now directly owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Neil Mackay sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the sale, the director now owns 4,567 shares of the company’s stock, valued at $245,613.26. The trade was a 46.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,440 shares of company stock worth $5,425,815 in the last quarter. 6.92% of the stock is owned by company insiders.

Institutional Trading of Customers Bancorp

A number of hedge funds have recently added to or reduced their stakes in CUBI. Hood River Capital Management LLC lifted its position in shares of Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after purchasing an additional 266,462 shares during the period. Assenagon Asset Management S.A. raised 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 worth $22,284,000 after buying an additional 225,785 shares in the last quarter. State Street Corp lifted its holdings in Customers Bancorp by 10.5% during the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after buying an additional 169,982 shares during the period. American Century Companies Inc. boosted its position in 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 acquiring an additional 87,557 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in shares of Customers Bancorp in the 3rd quarter valued at $3,470,000. 89.29% of the stock is owned by hedge funds and other 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.