Customers Bancorp (NYSE:CUBI) Shares Down 3%

Customers Bancorp, Inc. (NYSE:CUBI)’s share price dropped 3% during trading on Tuesday . The stock traded as low as $45.56 and last traded at $45.58. Approximately 90,411 shares were traded 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

CUBI has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their price target on Customers Bancorp from $59.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. DA Davidson upped their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods decreased their price objective on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. B. Riley upped their price objective on Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $79.00 to $53.00 in a report on Tuesday. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.25.

Customers Bancorp Trading Down 2.7 %

The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 6.57 and a beta of 1.62. The business has a fifty day moving average of $52.83 and a two-hundred day moving average of $50.02. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93.

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

Insider Activity at Customers Bancorp

In related news, CEO Samvir S. Sidhu purchased 2,500 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $45.53 per share, for a total transaction of $113,825.00. Following the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC raised its position in Customers Bancorp by 94.3% in the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after purchasing an additional 266,462 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Customers Bancorp by 252.1% during the second quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock worth $12,185,000 after buying an additional 181,819 shares during the last quarter. Peregrine Capital Management LLC bought a new position in shares of Customers Bancorp in the 2nd quarter worth $7,690,000. Vanguard Group Inc. boosted its holdings in Customers Bancorp by 5.4% during the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after buying an additional 111,654 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings 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 purchasing an additional 87,557 shares during the period. Institutional investors own 89.29% of the company’s stock.

About Customers Bancorp

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.