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

Customers Bancorp, Inc. (NYSE:CUBI) passed 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 changing hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on CUBI shares. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Raymond James reduced their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, October 2nd. Stephens increased their target price on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, Piper Sandler dropped their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Six equities research 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 stock. According to MarketBeat, Customers Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $62.22.

Customers Bancorp Stock Down 3.4 %

The firm has a fifty day simple moving average of $52.07 and a 200-day simple moving average of $50.87. The company has a market capitalization of $1.43 billion, a PE ratio of 7.39 and a beta of 1.68. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93.

Customers Bancorp (NYSE:CUBI) last issued 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 company had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. During the same quarter last year, the firm posted $2.59 EPS. The firm’s quarterly revenue was down 23.2% on a year-over-year basis. Equities research analysts anticipate that Customers Bancorp, Inc. will post 5.63 EPS for the current fiscal year.

Insider Transactions at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now directly owns 66,256 shares in the company, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jay S. Sidhu sold 860 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $65,114,360.74. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,440 shares of company stock valued at $5,425,815. Insiders own 6.92% of the company’s stock.

Institutional Trading of Customers Bancorp

Several hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its stake in shares of Customers Bancorp by 3.9% in the second quarter. Rhumbline Advisers now owns 87,248 shares of the bank’s stock valued at $4,186,000 after purchasing an additional 3,292 shares during the period. Victory Capital Management Inc. increased its position in Customers Bancorp by 18.4% in the 2nd 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 period. Ashton Thomas Private Wealth LLC acquired a new position in Customers Bancorp during the 2nd quarter worth $151,000. Texas Permanent School Fund Corp grew its stake in shares of Customers Bancorp by 44.3% in the second quarter. Texas Permanent School Fund Corp now owns 35,731 shares of the bank’s stock worth $1,714,000 after purchasing an additional 10,966 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of 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.

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.