Principal Financial Group Inc. Sells 36,559 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

Principal Financial Group Inc. decreased its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 20.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 138,981 shares of the bank’s stock after selling 36,559 shares during the period. Principal Financial Group Inc. owned 0.44% of Customers Bancorp worth $6,456,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Ridgewood Investments LLC purchased a new position in shares of Customers Bancorp in the second quarter worth $48,000. Innealta Capital LLC acquired a new stake in shares of Customers Bancorp during the second quarter worth about $74,000. GAMMA Investing LLC boosted 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 valued at $73,000 after buying an additional 282 shares during the last quarter. CWM LLC increased its holdings in Customers Bancorp by 14.2% in the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after buying an additional 274 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Customers Bancorp during the 2nd quarter worth approximately $151,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Stock Up 0.3 %

NYSE:CUBI opened at $53.92 on Thursday. Customers Bancorp, Inc. has a 52 week low of $42.31 and a 52 week high of $68.49. The stock’s fifty day moving average is $48.16 and its two-hundred day moving average is $49.42. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 8.75 and a beta of 1.61. 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 posted its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.09). The business 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 company’s revenue for the quarter was down 23.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.59 EPS. Research analysts anticipate that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CUBI. Piper Sandler reduced 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. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and cut their target price for the company from $57.00 to $52.00 in a report on Monday, November 4th. Raymond James lowered their price target on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 2nd. DA Davidson upped their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 15th. Six 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 company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.11.

Insider Buying and Selling

In other news, CEO Jay S. Sidhu sold 86,578 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,090,598 shares of the company’s stock, valued at approximately $61,662,410.92. This trade represents a 7.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the 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 completion of the transaction, the insider now owns 66,256 shares in the company, valued at $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 92,440 shares of company stock worth $5,210,695. Company insiders own 6.92% 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.