JPMorgan Chase & Co. Lowers Stake in Customers Bancorp, Inc. (NYSE:CUBI)

JPMorgan Chase & Co. reduced its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI - Free Report) by 27.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 322,677 shares of the bank's stock after selling 121,863 shares during the quarter. JPMorgan Chase & Co. owned about 1.03% of Customers Bancorp worth $14,988,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rhumbline Advisers boosted its holdings in shares of Customers Bancorp by 3.9% in the second quarter. Rhumbline Advisers now owns 87,248 shares of the bank's stock valued at $4,186,000 after acquiring an additional 3,292 shares during the period. Victory Capital Management Inc. boosted its stake in Customers Bancorp by 18.4% during the 2nd quarter. Victory Capital Management Inc. now owns 43,654 shares of the bank's stock worth $2,095,000 after purchasing an additional 6,786 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in Customers Bancorp during the 2nd quarter worth $151,000. Texas Permanent School Fund Corp grew its position in Customers Bancorp by 44.3% during the 2nd quarter. Texas Permanent School Fund Corp now owns 35,731 shares of the bank's stock worth $1,714,000 after purchasing an additional 10,966 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in 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 purchasing an additional 87,557 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Price Performance

Shares of NYSE CUBI traded down $1.59 during trading on Friday, hitting $45.50. 383,497 shares of the company were exchanged, compared to its average volume of 312,431. The firm's fifty day moving average price is $52.06 and its 200 day moving average price is $50.90. 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 company has a market cap of $1.43 billion, a price-to-earnings ratio of 7.39 and a beta of 1.68. Customers Bancorp, Inc. has a 1 year low of $42.31 and a 1 year high of $68.49.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. During the same quarter in the previous year, the company posted $2.59 earnings per share. The company's quarterly revenue was down 23.2% compared to the same quarter last year. On average, sell-side analysts expect that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. 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 report on Tuesday, September 24th. StockNews.com upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, December 1st. Stephens upped their price target on Customers Bancorp from $53.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday, November 11th. B. Riley lifted their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Customers Bancorp from $52.00 to $62.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Customers Bancorp has an average rating of "Moderate Buy" and an average target price of $62.22.

Insider Activity at Customers Bancorp

In related news, CEO Jay S. Sidhu sold 86,578 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $56.54, for a total value of $4,895,120.12. Following the sale, the chief executive officer now owns 1,090,598 shares of the company's stock, valued at approximately $61,662,410.92. This represents a 7.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the insider now directly owns 66,256 shares of the company's stock, valued at $3,556,622.08. The trade was a 7.02 % decrease in their position. 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 ninety days. Corporate insiders own 6.92% of the company's stock.

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.