Customers Bancorp (NYSE:CUBI) Trading Down 4.4%

Customers Bancorp, Inc. (NYSE:CUBI) traded down 4.4% during mid-day trading on Wednesday . The stock traded as low as $46.30 and last traded at $46.51. 61,919 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 359,841 shares. The stock had previously closed at $48.64.

Analysts Set New Price Targets

CUBI has been the topic of several analyst reports. Keefe, Bruyette & Woods dropped their target price 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 boosted their target price on shares of Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Jefferies Financial Group decreased their target price on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Wedbush lifted their target price on Customers Bancorp from $56.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, DA Davidson increased their price target on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Customers Bancorp has an average rating of “Moderate Buy” and an average price target of $65.50.

Customers Bancorp Price Performance

The company has a debt-to-equity ratio of 0.75, a current ratio of 0.93 and a quick ratio of 0.91. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 6.75 and a beta of 1.62. The stock’s fifty day moving average price is $53.45 and its 200-day moving average price is $50.34.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $1.49 EPS for the quarter, topping the consensus estimate of $1.43 by $0.06. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The company had revenue of $198.69 million for the quarter, compared to analyst estimates of $184.40 million. During the same quarter in the prior year, the business posted $1.65 EPS. Customers Bancorp’s quarterly revenue was up 3.9% on a year-over-year basis. Equities research analysts predict that Customers Bancorp, Inc. will post 6.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Samvir S. Sidhu purchased 2,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were bought at an average price of $45.53 per share, with a total value of $113,825.00. Following the completion of the transaction, 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 filing with the SEC, which is available through this link. 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. Louisiana State Employees Retirement System raised its holdings in Customers Bancorp by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock valued at $686,000 after acquiring an additional 300 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in Customers Bancorp by 1.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank’s stock valued at $994,000 after buying an additional 341 shares during the period. Texas Permanent School Fund Corp lifted its holdings in shares of Customers Bancorp by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,765 shares of the bank’s stock worth $1,314,000 after acquiring an additional 353 shares during the period. ProShare Advisors LLC boosted its position in shares of 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 in the last quarter. Finally, Mackenzie Financial Corp increased its stake in Customers Bancorp by 10.4% in the second quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock valued at $281,000 after acquiring an additional 549 shares during the period. 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.