Customers Bancorp (NYSE:CUBI) Downgraded to Sell Rating by StockNews.com

StockNews.com lowered shares of Customers Bancorp (NYSE:CUBI) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

CUBI has been the subject of several other reports. Piper Sandler dropped 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 report on Monday, November 4th. Keefe, Bruyette & Woods downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $57.00 to $52.00 in a report on Monday, November 4th. DA Davidson upped their target price on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Raymond James lowered their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. Finally, B. Riley upped their price objective on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.11.

Customers Bancorp Stock Down 1.9 %

CUBI opened at $56.58 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp has a one year low of $42.31 and a one year high of $68.49. The firm has a market capitalization of $1.77 billion, a P/E ratio of 9.24 and a beta of 1.61. The company has a fifty day moving average price of $48.65 and a 200-day moving average price of $49.61.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, October 31st. The bank reported $1.34 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 business had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $191.61 million. During the same quarter in the previous year, the firm earned $2.59 earnings per share. Customers Bancorp’s quarterly revenue was down 23.2% compared to the same quarter last year. Equities research analysts expect that Customers Bancorp will post 5.63 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Neil Mackay sold 4,000 shares of the firm’s 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 directly owns 4,567 shares in the company, valued at $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. In the last quarter, insiders sold 96,440 shares of company stock valued at $5,425,815. Insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Customers Bancorp by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock valued at $107,575,000 after acquiring an additional 21,302 shares in the last quarter. Vanguard Group Inc. grew 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 worth $116,038,000 after purchasing an additional 111,654 shares during the period. State Street Corp grew its stake in Customers Bancorp by 10.5% in the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after purchasing an additional 169,982 shares during the period. Geode Capital Management LLC raised its holdings in Customers Bancorp by 2.7% in the third quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after purchasing an additional 17,941 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Customers Bancorp by 14.6% during 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 period. 89.29% of the stock is currently owned by institutional investors.

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.