Customers Bancorp (NYSE:CUBI) Shares Pass Below 200-Day Moving Average – What’s Next?

Shares of Customers Bancorp, Inc. (NYSE:CUBI) passed below its 200-day moving average during trading on Thursday . The stock has a 200-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.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Piper Sandler dropped their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Stephens upped their price objective on shares of Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Wedbush downgraded shares of 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, September 24th. Finally, Keefe, Bruyette & Woods boosted 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. Six 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.com, Customers Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $62.22.

Customers Bancorp Price Performance

The stock’s 50-day moving average price is $52.07 and its 200 day moving average price is $50.87. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 7.63 and a beta of 1.68.

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

Insider Buying and Selling at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the sale, the insider now owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jay S. Sidhu sold 860 shares of Customers Bancorp stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total transaction of $47,067.80. Following the sale, the chief executive officer now directly owns 1,189,738 shares in the company, valued at approximately $65,114,360.74. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,440 shares of company stock worth $5,425,815 in the last three months. 6.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

Several large investors have recently modified their holdings of CUBI. Rhumbline Advisers raised its holdings in Customers Bancorp by 3.9% in the 2nd quarter. Rhumbline Advisers now owns 87,248 shares of the bank’s stock valued at $4,186,000 after buying an additional 3,292 shares during the period. Victory Capital Management Inc. increased its position in shares of Customers Bancorp by 18.4% during the second quarter. Victory Capital Management Inc. now owns 43,654 shares of the bank’s stock valued at $2,095,000 after acquiring an additional 6,786 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Customers Bancorp in the 2nd quarter valued at approximately $151,000. Texas Permanent School Fund Corp lifted its holdings in shares of Customers Bancorp by 44.3% in the 2nd quarter. Texas Permanent School Fund Corp now owns 35,731 shares of the bank’s stock worth $1,714,000 after acquiring an additional 10,966 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Customers Bancorp by 14.6% during the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock worth $32,954,000 after purchasing an additional 87,557 shares during the period. Institutional investors and hedge funds 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.