Algert Global LLC Sells 43,863 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

Algert Global LLC trimmed its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 52.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,449 shares of the bank’s stock after selling 43,863 shares during the quarter. Algert Global LLC’s holdings in Customers Bancorp were worth $1,832,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CWM LLC boosted its position in Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after purchasing an additional 274 shares during the period. GAMMA Investing LLC boosted its position in Customers Bancorp by 21.7% during 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 during the period. Louisiana State Employees Retirement System boosted its position in Customers Bancorp by 2.1% during the second quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock worth $686,000 after purchasing an additional 300 shares during the period. SummerHaven Investment Management LLC boosted its position in Customers Bancorp by 1.7% during the second quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank’s stock worth $994,000 after purchasing an additional 341 shares during the period. Finally, Mackenzie Financial Corp boosted its position in Customers Bancorp by 10.4% during the second quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock worth $281,000 after purchasing an additional 549 shares during the period. 89.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CUBI has been the subject of a number of research reports. Stephens lifted their target price on Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. B. Riley lifted their target price on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a report on Friday, August 9th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $57.00 to $52.00 in a report on Monday, November 4th. Finally, Raymond James dropped their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $61.11.

Customers Bancorp Stock Up 0.5 %

CUBI stock opened at $56.84 on Thursday. The company has a market cap of $1.78 billion, a PE ratio of 9.23 and a beta of 1.61. The business has a 50-day simple moving average of $48.82 and a 200 day simple moving average of $49.67. Customers Bancorp, Inc. has a 52 week low of $42.31 and a 52 week high of $68.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78.

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

Insiders Place Their Bets

In other Customers Bancorp news, Director Robert Neil Mackay sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the completion of the transaction, the director now owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. The trade was a 46.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was 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 of the company’s stock, valued at approximately $3,556,622.08. The trade was a 7.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,440 shares of company stock valued at $5,425,815. 6.92% of the stock is currently owned by corporate insiders.

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.