Customers Bancorp (NYSE:CUBI) Lowered to “Sell” Rating by StockNews.com

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

Several other analysts have also recently commented on CUBI. Keefe, Bruyette & Woods cut Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $57.00 to $52.00 in a report on Monday, November 4th. Piper Sandler reduced their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Stephens upped their target price on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Raymond James cut their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 2nd. Finally, Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, five 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, the company currently has a consensus rating of “Hold” and an average price target of $61.11.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $56.11 on Friday. The stock has a market cap of $1.76 billion, a P/E ratio of 9.11 and a beta of 1.61. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The stock’s 50-day moving average is $48.47 and its 200-day moving average is $49.52. Customers Bancorp has a 1-year low of $42.31 and a 1-year high of $68.49.

Customers Bancorp (NYSE:CUBI) last announced its 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 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 company earned $2.59 earnings per share. The business’s revenue was down 23.2% on a year-over-year basis. Equities research analysts anticipate that Customers Bancorp will post 5.63 earnings per share for the current year.

Insider Transactions at Customers Bancorp

In other news, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the transaction, the chief executive officer now directly owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. This represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Glenn Hedde sold 5,002 shares of the company’s 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 transaction, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. The trade was a 7.02 % 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 over the last ninety days. 6.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of CUBI. Basswood Capital Management L.L.C. purchased a new stake in Customers Bancorp in the 3rd quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in shares of Customers Bancorp during the 2nd quarter valued at $48,000. GAMMA Investing LLC increased its position in shares of Customers Bancorp by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after purchasing an additional 282 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Customers Bancorp during the 2nd quarter valued at $74,000. Finally, Quest Partners LLC increased its position in shares of Customers Bancorp by 143.4% during the 3rd quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock valued at $76,000 after purchasing an additional 962 shares during the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

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.