The Manufacturers Life Insurance Company Sells 250 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

The Manufacturers Life Insurance Company cut its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,914 shares of the bank’s stock after selling 250 shares during the period. The Manufacturers Life Insurance Company’s holdings in Customers Bancorp were worth $693,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Ridgewood Investments LLC acquired a new stake in shares of Customers Bancorp in the second quarter valued at approximately $48,000. Innealta Capital LLC acquired a new stake in shares of Customers Bancorp in the second quarter valued at approximately $74,000. GAMMA Investing LLC lifted its holdings in Customers Bancorp by 21.7% during the 3rd 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 last quarter. Quest Partners LLC lifted its holdings in 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 purchasing an additional 962 shares during the last quarter. Finally, CWM LLC lifted its holdings in Customers Bancorp by 14.2% during the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after purchasing an additional 274 shares during the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Jay S. Sidhu sold 860 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total transaction of $47,067.80. Following the completion of the sale, the chief executive officer now directly owns 1,189,738 shares of the company’s stock, valued at approximately $65,114,360.74. This trade represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $268,507.36. Following the sale, the insider now directly owns 66,256 shares of the company’s stock, 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. Over the last quarter, insiders have sold 96,440 shares of company stock worth $5,425,815. Corporate insiders own 6.92% of the company’s stock.

Analyst Ratings Changes

CUBI has been the topic of a number of recent research reports. Raymond James lowered their price objective on 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. StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. B. Riley lifted their price target on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Finally, Piper Sandler decreased their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.22.

Customers Bancorp Stock Up 0.9 %

Shares of CUBI opened at $53.51 on Friday. The company has a market capitalization of $1.68 billion, a PE ratio of 8.69 and a beta of 1.65. Customers Bancorp, Inc. has a 12 month low of $42.31 and a 12 month high of $68.49. The stock’s 50-day moving average price is $51.14 and its two-hundred day moving average price is $50.31. 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 (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 business had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the previous year, the company earned $2.59 EPS. The firm’s revenue for the quarter was down 23.2% on a year-over-year basis. On average, analysts anticipate that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

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.