Customers Bancorp (NYSE:CUBI) Shares Gap Down - Here's What Happened

Customers Bancorp, Inc. (NYSE:CUBI - Get Free Report) 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 trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CUBI shares. Raymond James reduced their price objective 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. B. Riley boosted their price objective on Customers Bancorp from $77.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods decreased their price objective on shares of Customers Bancorp from $76.00 to $63.00 and set an "outperform" rating on the stock in a report on Friday, August 9th. DA Davidson lifted their price objective on Customers Bancorp from $71.00 to $79.00 and gave the stock a "buy" rating in a report on Monday, July 29th. Finally, Hovde Group cut 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. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Customers Bancorp Stock Down 0.8 %

The company has a market capitalization of $1.45 billion, a PE ratio of 6.13 and a beta of 1.61. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The business has a fifty day moving average of $47.36 and a 200 day moving average of $48.91.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, CEO Samvir S. Sidhu bought 2,500 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $45.53 per share, for a total transaction of $113,825.00. Following the completion of the transaction, the chief executive officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 6.92% of the stock is owned by insiders.

Institutional Trading of Customers Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in CUBI. Ridgewood Investments LLC purchased a new stake in Customers Bancorp during the 2nd quarter worth about $48,000. GAMMA Investing LLC lifted 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 buying an additional 282 shares during the period. Innealta Capital LLC acquired a new stake in Customers Bancorp in the 2nd quarter worth about $74,000. CWM LLC grew its holdings in Customers Bancorp by 14.2% in the 3rd 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 acquired a new position in shares of Customers Bancorp during the 2nd quarter valued at about $151,000. Institutional investors and hedge funds own 89.29% 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.