Customers Bancorp (NYSE:CUBI) Shares Pass Below 200-Day Moving Average – Time to Sell?

Customers Bancorp, Inc. (NYSE:CUBI)’s share price crossed 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 trading hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on CUBI shares. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Piper Sandler lowered 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. B. Riley upped their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. Wedbush cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Customers Bancorp from $52.00 to $62.00 and gave the company 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 given a strong buy rating to the company’s 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 company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. 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 stock’s fifty day moving average price is $52.07 and its 200-day moving average price is $50.87.

Customers Bancorp (NYSE:CUBI) last issued 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 net margin of 15.22% and a return on equity of 13.55%. The business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. During the same quarter in the prior year, the company earned $2.59 EPS. Customers Bancorp’s revenue for the quarter was down 23.2% on a year-over-year basis. Equities research analysts predict that Customers Bancorp, Inc. will post 5.63 EPS for the current fiscal year.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, Director Robert Neil Mackay sold 4,000 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total transaction of $215,120.00. Following the transaction, the director now directly owns 4,567 shares of the company’s stock, valued at $245,613.26. This represents a 46.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the firm’s 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 transaction, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. The trade was a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,440 shares of company stock valued at $5,425,815 in the last quarter. Company insiders own 6.92% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC grew its holdings in Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after buying an additional 266,462 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Customers Bancorp by 88.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after purchasing an additional 225,785 shares during the last quarter. State Street Corp increased its holdings in shares of Customers Bancorp by 10.5% during the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after purchasing an additional 169,982 shares during the period. American Century Companies Inc. lifted its stake in shares of Customers Bancorp by 14.6% in the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after buying an additional 87,557 shares during the period. Finally, Wolverine Asset Management LLC acquired a new stake in Customers Bancorp during the third quarter worth about $3,470,000. Institutional investors and hedge funds 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.