Cornercap Investment Counsel Inc. Decreases Stock Position in Customers Bancorp, Inc. (NYSE:CUBI)

Cornercap Investment Counsel Inc. trimmed its holdings in Customers Bancorp, Inc. (NYSE:CUBI - Free Report) by 52.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,261 shares of the bank's stock after selling 11,302 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Customers Bancorp were worth $477,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. CWM LLC lifted its holdings in shares of Customers Bancorp by 14.2% in the third quarter. CWM LLC now owns 2,198 shares of the bank's stock valued at $102,000 after purchasing an additional 274 shares in the last quarter. GAMMA Investing LLC lifted its stake in Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank's stock valued at $73,000 after buying an additional 282 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in Customers Bancorp by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank's stock valued at $686,000 after buying an additional 300 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in Customers Bancorp by 1.7% during the 2nd quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank's stock valued at $994,000 after buying an additional 341 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in Customers Bancorp by 7.4% during the first quarter. ProShare Advisors LLC now owns 5,763 shares of the bank's stock worth $306,000 after buying an additional 398 shares in the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. 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 report on Wednesday, October 2nd. Stephens upped their target price on shares of Customers Bancorp from $53.00 to $55.00 and gave the company an "equal weight" rating in a report on Monday, November 11th. B. Riley lifted their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, November 4th. DA Davidson boosted their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a "buy" rating in a research report on Monday, July 29th. Finally, Hovde Group lowered shares of Customers Bancorp from an "outperform" rating to a "market perform" rating and set a $49.00 target price on the stock. in a research report on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating, three have given 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 an average rating of "Moderate Buy" and an average target price of $61.11.

Customers Bancorp Price Performance

CUBI opened at $54.87 on Friday. Customers Bancorp, Inc. has a 1 year low of $42.31 and a 1 year high of $68.49. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. The company's 50 day simple moving average is $47.84 and its 200 day simple moving average is $49.28. The stock has a market capitalization of $1.72 billion, a PE ratio of 8.91 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI - Get Free Report) 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 for the quarter, compared to analysts' expectations of $191.61 million. During the same period in the prior year, the firm earned $2.59 earnings per share. The firm's quarterly revenue was down 23.2% on a year-over-year basis. As a group, sell-side analysts expect that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Insider Transactions at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the firm's stock in a transaction 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 transaction, the insider now owns 66,256 shares of the company's stock, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jay S. Sidhu sold 86,578 shares of the company's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the sale, the chief executive officer now directly owns 1,090,598 shares of the company's stock, valued at approximately $61,662,410.92. This trade represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 92,440 shares of company stock worth $5,210,695 in the last three months. 6.92% of the stock is currently owned by company insiders.

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.