Customers Bancorp (NYSE:CUBI) Shares Gap Down – Here’s Why

Shares of Customers Bancorp, Inc. (NYSE:CUBI) gapped down before the market opened on Friday . The stock had previously closed at $46.13, but opened at $44.00. Customers Bancorp shares last traded at $46.20, with a volume of 91,944 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CUBI. B. Riley lifted their target price on shares of Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Raymond James lowered their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods reduced their price target on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Hovde Group cut Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research note on Friday, August 9th. Finally, Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.14.

Customers Bancorp Price Performance

The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93. The business has a 50-day simple moving average of $47.26 and a 200 day simple moving average of $48.91. The firm has a market cap of $1.45 billion, a P/E ratio of 7.42 and a beta of 1.61.

Insider Activity at Customers Bancorp

In related news, CEO Samvir S. Sidhu purchased 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $45.53 per share, for a total transaction of $113,825.00. Following the completion of the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of institutional investors have recently bought and sold shares of CUBI. Ridgewood Investments LLC purchased a new position in shares of Customers Bancorp during the 2nd quarter worth approximately $48,000. Innealta Capital LLC purchased a new stake in Customers Bancorp in the second quarter worth $74,000. GAMMA Investing LLC raised its holdings in Customers Bancorp by 21.7% in the third 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. CWM LLC lifted its position in Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after buying an additional 274 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Customers Bancorp during the 2nd quarter valued at $151,000. 89.29% of the stock is owned by institutional investors.

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.