Customers Bancorp, Inc. (NYSE:CUBI) Shares Sold by Philadelphia Financial Management of San Francisco LLC

Philadelphia Financial Management of San Francisco LLC cut its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 98.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,614 shares of the bank’s stock after selling 484,627 shares during the period. Philadelphia Financial Management of San Francisco LLC’s holdings in Customers Bancorp were worth $307,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Basswood Capital Management L.L.C. purchased a new stake in shares of Customers Bancorp during the 3rd quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in Customers Bancorp in the second quarter valued at $48,000. Innealta Capital LLC acquired a new position in shares of Customers Bancorp in the 2nd quarter valued at $74,000. GAMMA Investing LLC grew its holdings 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 during the period. Finally, Quest Partners LLC increased its position in shares of Customers Bancorp by 143.4% during the 3rd quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock worth $76,000 after purchasing an additional 962 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday. B. Riley increased their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Stephens boosted their target price on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Wedbush lowered 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 research report on Tuesday, September 24th. Finally, Piper Sandler dropped their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.11.

Insider Buying and Selling

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the sale, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Neil Mackay sold 4,000 shares of the stock in a transaction dated 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 transaction, the director now owns 4,567 shares in the company, valued at approximately $245,613.26. The trade was a 46.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,440 shares of company stock worth $5,425,815 over the last 90 days. 6.92% of the stock is owned by insiders.

Customers Bancorp Trading Down 1.3 %

NYSE:CUBI opened at $54.91 on Wednesday. Customers Bancorp, Inc. has a 12-month low of $42.31 and a 12-month high of $68.49. The firm has a market cap of $1.72 billion, a PE ratio of 8.91 and a beta of 1.65. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The stock has a fifty day moving average price of $49.66 and a 200 day moving average price of $49.92.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The company had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. During the same quarter in the previous year, the business posted $2.59 EPS. The business’s quarterly revenue was down 23.2% compared to the same quarter last year. Sell-side analysts anticipate that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Customers Bancorp 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.