Customers Bancorp (NYSE:CUBI) Stock Crosses Below Two Hundred Day Moving Average – Here’s What Happened

Customers Bancorp, Inc. (NYSE:CUBI)’s share price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $50.87 and traded as low as $46.56. Customers Bancorp shares last traded at $47.03, with a volume of 316,309 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. Raymond James reduced their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods increased their target price on shares of Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler lowered their price objective 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. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Customers Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.22.

Customers Bancorp Trading Down 3.4 %

The company’s 50 day simple moving average is $52.07 and its 200 day simple moving average is $50.87. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 7.39 and a beta of 1.68. 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 announced its quarterly 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). 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 period last year, the firm earned $2.59 earnings per share. The firm’s quarterly revenue was down 23.2% on a year-over-year basis. As a group, research analysts expect that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Insider Transactions at Customers Bancorp

In other news, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were 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 owns 4,567 shares in the company, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay S. Sidhu sold 860 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $54.73, for a total transaction of $47,067.80. Following the transaction, the chief executive officer now directly owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. This represents a 0.07 % 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 worth $5,425,815. 6.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of large investors have recently modified their holdings of the business. CWM LLC grew its holdings in Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after acquiring an additional 274 shares during the period. GAMMA Investing LLC boosted its position in shares of Customers Bancorp by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after purchasing an additional 282 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Customers Bancorp by 10.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock worth $281,000 after purchasing an additional 549 shares during the period. Inspire Investing LLC grew its stake in shares of Customers Bancorp by 8.3% during the 2nd quarter. Inspire Investing LLC now owns 7,303 shares of the bank’s stock worth $350,000 after purchasing an additional 557 shares during the period. Finally, Basswood Capital Management L.L.C. purchased a new position in shares of Customers Bancorp in the 3rd quarter valued at about $26,000. 89.29% of the stock is owned by hedge funds and other 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.