Cornercap Investment Counsel Inc. Has $477,000 Stock Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

Cornercap Investment Counsel Inc. cut its position in Customers Bancorp, Inc. (NYSE:CUBI) by 52.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,261 shares of the bank’s stock after selling 11,302 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Customers Bancorp were worth $477,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. CWM LLC boosted its stake in Customers Bancorp by 14.2% during the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after purchasing an additional 274 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Customers Bancorp by 21.7% in 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 period. Louisiana State Employees Retirement System raised its holdings in shares of Customers Bancorp by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock worth $686,000 after purchasing an additional 300 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Customers Bancorp by 1.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank’s stock worth $994,000 after purchasing an additional 341 shares during the period. Finally, ProShare Advisors LLC raised its holdings in Customers Bancorp by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 5,763 shares of the bank’s stock valued at $306,000 after acquiring an additional 398 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction 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 completion of the transaction, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This trade represents a 7.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jay S. Sidhu sold 86,578 shares of Customers Bancorp 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 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 represents a 7.35 % 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 Trading Down 0.4 %

NYSE:CUBI opened at $54.87 on Friday. Customers Bancorp, Inc. has a 52 week low of $42.31 and a 52 week high of $68.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. The company’s 50 day moving average price is $47.84 and its 200-day moving average price is $49.28. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 8.91 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. During the same quarter in the prior year, the business posted $2.59 EPS. The company’s revenue for the quarter was down 23.2% compared to the same quarter last year. On average, equities research analysts forecast that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on CUBI. B. Riley boosted their target price on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Friday. Raymond James reduced 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. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Finally, Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $57.00 to $52.00 in a research report on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Customers Bancorp has an average rating of “Moderate Buy” and an average target price of $61.11.

Customers Bancorp 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.