Customers Bancorp (NYSE:CUBI) Shares Gap Down – Here’s What Happened

Customers Bancorp, Inc. (NYSE:CUBI) gapped down prior to trading 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 trading hands.

Wall Street Analyst Weigh In

CUBI has been the topic of several recent research reports. StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Wedbush cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Raymond James decreased their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, October 2nd. Piper Sandler dropped their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Stephens lifted their price objective on Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.22.

Customers Bancorp Price Performance

The stock has a 50-day simple moving average of $51.56 and a 200 day simple moving average of $50.64. The company has a market cap of $1.52 billion, a PE ratio of 7.89 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.

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

Insider Activity

In other Customers Bancorp news, CEO Jay S. Sidhu sold 860 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total transaction of $47,067.80. Following the sale, the chief executive officer now directly owns 1,189,738 shares in the company, valued at $65,114,360.74. This represents 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, insider Glenn Hedde sold 5,002 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. This represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,440 shares of company stock valued at $5,425,815. 6.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Basswood Capital Management L.L.C. acquired a new position in shares of Customers Bancorp during the 3rd quarter worth about $26,000. Ridgewood Investments LLC acquired a new position in Customers Bancorp in the second quarter valued at approximately $48,000. GAMMA Investing LLC increased 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 valued at $73,000 after purchasing an additional 282 shares during the last quarter. Innealta Capital LLC acquired a new stake in Customers Bancorp during the second quarter worth approximately $74,000. Finally, Quest Partners LLC lifted 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 worth $76,000 after buying an additional 962 shares during the last quarter. Institutional investors and hedge funds 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.