Customers Bancorp, Inc. (NYSE:CUBI) Insider Sells $268,507.36 in Stock

Customers Bancorp, Inc. (NYSE:CUBI) insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction that occurred 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 in the company, valued at approximately $3,556,622.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Customers Bancorp Price Performance

Shares of NYSE CUBI traded down $2.33 during midday trading on Thursday, reaching $53.23. 205,315 shares of the company traded hands, compared to its average volume of 366,812. Customers Bancorp, Inc. has a 12 month low of $40.61 and a 12 month high of $68.49. The firm has a market cap of $1.69 billion, a PE ratio of 8.82 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. The stock’s 50-day simple moving average is $47.19 and its 200-day simple moving average is $48.97.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share 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 business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. During the same quarter last year, the business posted $2.59 earnings per share. The business’s quarterly revenue was down 23.2% compared to the same quarter last year. As a group, equities analysts anticipate that Customers Bancorp, Inc. will post 5.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CUBI has been the topic of a number of research reports. DA Davidson boosted their price objective on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 29th. StockNews.com cut Customers Bancorp from a “hold” rating to a “sell” rating in a research report on Monday. Hovde Group cut Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a research report on Friday, August 9th. Raymond James reduced 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. Finally, Piper Sandler reduced their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $61.88.

Institutional Trading of Customers Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CUBI. Ridgewood Investments LLC acquired a new stake in Customers Bancorp in the second quarter worth about $48,000. GAMMA Investing LLC increased its position 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 purchasing an additional 282 shares during the period. Innealta Capital LLC acquired a new stake in Customers Bancorp in the second quarter worth about $74,000. CWM LLC increased its position in Customers Bancorp by 14.2% in the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after purchasing an additional 274 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Customers Bancorp in the second quarter worth about $151,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About Customers Bancorp

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.