Royce & Associates LP Cuts Stake in Customers Bancorp, Inc. (NYSE:CUBI)

Royce & Associates LP trimmed its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 25.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 214,802 shares of the bank’s stock after selling 72,773 shares during the quarter. Royce & Associates LP’s holdings in Customers Bancorp were worth $9,978,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in CUBI. Ridgewood Investments LLC purchased a new stake in shares of Customers Bancorp in the second quarter worth $48,000. GAMMA Investing LLC increased its position in shares of Customers Bancorp by 21.7% during the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after buying an additional 282 shares during the period. Innealta Capital LLC bought a new stake in shares of Customers Bancorp during the second quarter valued at approximately $74,000. CWM LLC grew its position in shares of Customers Bancorp by 14.2% in the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after buying an additional 274 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Customers Bancorp in the second quarter worth about $151,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Insiders Place Their Bets

In related news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 in the company, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction on Monday, November 11th. The stock was 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 owns 1,090,598 shares in the company, valued at $61,662,410.92. This trade represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,440 shares of company stock worth $5,210,695. 6.92% of the stock is owned by corporate insiders.

Customers Bancorp Trading Down 0.4 %

Shares of NYSE:CUBI opened at $54.87 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 debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market capitalization of $1.72 billion, a P/E ratio of 8.91 and a beta of 1.61. The business’s 50-day moving average is $47.84 and its 200 day moving average is $49.28.

Customers Bancorp (NYSE:CUBI) last released its 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 firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company’s revenue for the quarter was down 23.2% compared to the same quarter last year. During the same period last year, the firm earned $2.59 EPS. On average, research analysts predict that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $57.00 to $52.00 in a research note on Monday, November 4th. B. Riley raised 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. Raymond James dropped their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Finally, Piper Sandler cut their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.