Customers Bancorp, Inc. (NYSE:CUBI) Shares Sold by Cornercap Investment Counsel Inc.

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

A number of other hedge funds have also made changes to their positions in CUBI. ProShare Advisors LLC lifted its position in Customers Bancorp by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 5,763 shares of the bank’s stock worth $306,000 after acquiring an additional 398 shares in the last quarter. Vanguard Group Inc. increased its holdings in Customers Bancorp by 5.4% during the 1st 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 last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Customers Bancorp in the 1st quarter valued at approximately $4,266,000. O Shaughnessy Asset Management LLC increased its holdings in shares of Customers Bancorp by 5.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 22,404 shares of the bank’s stock valued at $1,189,000 after acquiring an additional 1,226 shares during the last quarter. Finally, Quadrature Capital Ltd increased its holdings in shares of Customers Bancorp by 15.1% in the 1st quarter. Quadrature Capital Ltd now owns 12,090 shares of the bank’s stock valued at $642,000 after acquiring an additional 1,582 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Piper Sandler lowered their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Keefe, Bruyette & Woods lowered Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $57.00 to $52.00 in a research report on Monday, November 4th. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Raymond James cut their price objective on 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, DA Davidson boosted their target price on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Customers Bancorp has an average rating of “Moderate Buy” and an average price target of $61.11.

Customers Bancorp Stock Performance

CUBI opened at $54.87 on Friday. The business’s 50-day moving average price is $47.84 and its two-hundred day moving average price is $49.28. Customers Bancorp, Inc. has a 1 year low of $42.31 and a 1 year high of $68.49. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 8.91 and a beta of 1.61. 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 (NYSE:CUBI) last released its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). The company had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. Customers Bancorp’s revenue was down 23.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.59 EPS. Equities analysts expect that Customers Bancorp, Inc. will post 5.63 EPS for the current fiscal year.

Insider Activity at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay S. Sidhu sold 86,578 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $56.54, for a total value of $4,895,120.12. Following the completion of the transaction, the chief executive officer now owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. The trade was 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 sold 92,440 shares of company stock worth $5,210,695. Company insiders own 6.92% 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.