JPMorgan Chase & Co. Sells 121,863 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

JPMorgan Chase & Co. lessened its holdings in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 27.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 322,677 shares of the bank’s stock after selling 121,863 shares during the period. JPMorgan Chase & Co. owned approximately 1.03% of Customers Bancorp worth $14,988,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Franklin Resources Inc. boosted its holdings in Customers Bancorp by 3.4% in the 3rd quarter. Franklin Resources Inc. now owns 62,515 shares of the bank’s stock valued at $3,011,000 after purchasing an additional 2,060 shares during the period. Sanctuary Advisors LLC lifted its stake in shares of Customers Bancorp by 12.8% in the third quarter. Sanctuary Advisors LLC now owns 9,412 shares of the bank’s stock valued at $437,000 after buying an additional 1,066 shares during the period. Geode Capital Management LLC grew its position in Customers Bancorp by 2.7% during the third quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after buying an additional 17,941 shares in the last quarter. Barclays PLC increased its stake in Customers Bancorp by 46.9% during the third quarter. Barclays PLC now owns 89,879 shares of the bank’s stock valued at $4,175,000 after acquiring an additional 28,683 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Customers Bancorp in the 3rd quarter worth approximately $736,000. Institutional investors own 89.29% of the company’s stock.

Insider Activity

In other Customers Bancorp news, CEO Jay S. Sidhu sold 86,578 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $56.54, for a total value 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 approximately $61,662,410.92. This trade represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction 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. 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 worth $5,425,815. 6.92% of the stock is owned by corporate insiders.

Customers Bancorp Stock Performance

NYSE CUBI opened at $45.50 on Friday. Customers Bancorp, Inc. has a 1-year low of $42.31 and a 1-year high of $68.49. The company has a 50 day moving average of $52.07 and a 200-day moving average of $50.87. 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 firm has a market cap of $1.43 billion, a price-to-earnings ratio of 7.39 and a beta of 1.68.

Customers Bancorp (NYSE:CUBI) last released its quarterly 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 for the quarter, compared to analyst estimates of $191.61 million. During the same period in the prior year, the business earned $2.59 earnings per share. The company’s revenue for the quarter was down 23.2% on a year-over-year basis. On average, equities analysts forecast that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. B. Riley boosted their price objective on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Piper Sandler decreased their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Raymond James dropped their price target on shares of 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, Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Six 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. According to data from MarketBeat, Customers Bancorp has an average rating of “Moderate Buy” and an average price target of $62.22.

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.