JPMorgan Chase & Co. Sells 121,863 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

JPMorgan Chase & Co. trimmed its position in Customers Bancorp, Inc. (NYSE:CUBI) by 27.4% during the third quarter, HoldingsChannel.com reports. The fund owned 322,677 shares of the bank’s stock after selling 121,863 shares during the period. JPMorgan Chase & Co.’s holdings in Customers Bancorp were worth $14,988,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. raised its holdings in Customers Bancorp by 3.4% in the third quarter. Franklin Resources Inc. now owns 62,515 shares of the bank’s stock worth $3,011,000 after purchasing an additional 2,060 shares during the period. Sanctuary Advisors LLC increased its position in shares of Customers Bancorp by 12.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 9,412 shares of the bank’s stock valued at $437,000 after buying an additional 1,066 shares in the last quarter. Geode Capital Management LLC raised its stake in Customers Bancorp by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after buying an additional 17,941 shares during the period. Barclays PLC lifted its holdings in Customers Bancorp by 46.9% during the third quarter. Barclays PLC now owns 89,879 shares of the bank’s stock worth $4,175,000 after acquiring an additional 28,683 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Customers Bancorp in the third quarter valued at about $736,000. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Down 3.4 %

Customers Bancorp stock opened at $45.50 on Friday. 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. The company has a fifty day simple moving average of $52.07 and a 200 day simple moving average of $50.87. The company has a market cap of $1.43 billion, a P/E ratio of 7.39 and a beta of 1.68.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data 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 company had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the previous year, the business earned $2.59 EPS. Customers Bancorp’s revenue was down 23.2% on a year-over-year basis. Research analysts anticipate that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CUBI shares. Raymond James dropped their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. Piper Sandler cut their price target on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Keefe, Bruyette & Woods increased their price objective on shares of Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Stephens boosted their price objective on shares of Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Finally, StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Customers Bancorp has an average rating of “Moderate Buy” and a consensus price target of $62.22.

Insiders Place Their Bets

In related news, CEO Jay S. Sidhu sold 860 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total value of $47,067.80. Following the sale, the chief executive officer now owns 1,189,738 shares in the company, valued at approximately $65,114,360.74. This represents a 0.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction 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 transaction, the director now directly owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock valued at $5,425,815 in the last 90 days. 6.92% of the stock is currently owned by insiders.

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.