StockNews.com Downgrades Customers Bancorp (NYSE:CUBI) to Sell

Customers Bancorp (NYSE:CUBI) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other research firms also recently commented on CUBI. B. Riley boosted their price objective on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $57.00 to $52.00 in a report on Monday, November 4th. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Raymond James cut 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. Finally, DA Davidson raised their price objective on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $61.11.

Customers Bancorp Price Performance

Shares of CUBI opened at $56.11 on Friday. Customers Bancorp has a one year low of $42.31 and a one year high of $68.49. The stock’s fifty day moving average is $48.47 and its 200-day moving average is $49.55. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 9.11 and a beta of 1.61.

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

Insider Buying and Selling at Customers Bancorp

In related news, CEO Jay S. Sidhu sold 860 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total value of $47,067.80. Following the completion of the sale, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. This trade represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the sale, the director now owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. The trade was a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,440 shares of company stock valued at $5,425,815. 6.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Customers Bancorp

Several large investors have recently bought and sold shares of CUBI. Geode Capital Management LLC lifted its holdings 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 acquiring an additional 17,941 shares in the last quarter. Barclays PLC raised its holdings in shares of Customers Bancorp by 46.9% during the third quarter. Barclays PLC now owns 89,879 shares of the bank’s stock worth $4,175,000 after acquiring an additional 28,683 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Customers Bancorp during the 3rd quarter worth about $736,000. State Street Corp lifted its holdings in shares of Customers Bancorp by 10.5% in the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock valued at $82,773,000 after purchasing an additional 169,982 shares in the last quarter. Finally, Systematic Financial Management LP bought a new position in shares of Customers Bancorp during the third quarter worth about $574,000. 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.