Customers Bancorp (NYSE:CUBI) Trading Down 3%

Customers Bancorp, Inc. (NYSE:CUBI) shares dropped 3% during trading on Tuesday . The stock traded as low as $45.56 and last traded at $45.58. Approximately 90,411 shares traded hands during trading, a decline of 75% from the average daily volume of 362,132 shares. The stock had previously closed at $47.00.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CUBI. B. Riley upped their price objective on Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. DA Davidson boosted their target price on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Jefferies Financial Group dropped their target price on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Wedbush downgraded shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $79.00 to $53.00 in a research report on Tuesday. Finally, Hovde Group downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price on the stock. in a research report on Friday, August 9th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.25.

Customers Bancorp Stock Performance

The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $1.44 billion, a P/E ratio of 6.57 and a beta of 1.62. The company’s 50-day moving average is $52.83 and its two-hundred day moving average is $50.02.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.06. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The firm had revenue of $198.69 million for the quarter, compared to analysts’ expectations of $184.40 million. During the same quarter last year, the business earned $1.65 earnings per share. The business’s revenue was up 3.9% on a year-over-year basis. Equities analysts anticipate that Customers Bancorp, Inc. will post 6.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Customers Bancorp news, CEO Samvir S. Sidhu purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $45.53 per share, with a total value of $113,825.00. Following the completion of the purchase, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Customers Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hood River Capital Management LLC lifted its position in shares of Customers Bancorp by 94.3% during the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after buying an additional 266,462 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Customers Bancorp by 252.1% during the second quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after purchasing an additional 181,819 shares in the last quarter. Peregrine Capital Management LLC bought a new stake in Customers Bancorp during the second quarter valued at about $7,690,000. Vanguard Group Inc. raised its stake in Customers Bancorp by 5.4% in the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock valued at $116,038,000 after buying an additional 111,654 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Customers Bancorp by 14.6% in the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after buying an additional 87,557 shares during the last quarter. Hedge funds and other institutional investors 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.