Customers Bancorp, Inc. (NYSE:CUBI) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in Customers Bancorp, Inc. (NYSE:CUBI - Free Report) by 20.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 138,981 shares of the bank's stock after selling 36,559 shares during the period. Principal Financial Group Inc. owned approximately 0.44% of Customers Bancorp worth $6,456,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. ProShare Advisors LLC lifted its position in shares of Customers Bancorp by 7.4% in the first quarter. ProShare Advisors LLC now owns 5,763 shares of the bank's stock valued at $306,000 after acquiring an additional 398 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Customers Bancorp by 5.4% in the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank's stock valued at $116,038,000 after buying an additional 111,654 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Customers Bancorp by 5.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 22,404 shares of the bank's stock valued at $1,189,000 after buying an additional 1,226 shares in the last quarter. Quadrature Capital Ltd grew its stake in shares of Customers Bancorp by 15.1% in the first quarter. Quadrature Capital Ltd now owns 12,090 shares of the bank's stock valued at $642,000 after buying an additional 1,582 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Customers Bancorp by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,576 shares of the bank's stock valued at $721,000 after purchasing an additional 1,030 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CUBI has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lowered Customers Bancorp from an "outperform" rating to a "market perform" rating and decreased their target price for the company from $57.00 to $52.00 in a report on Monday, November 4th. StockNews.com upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, November 15th. Stephens lifted their target price on Customers Bancorp from $53.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Monday, November 11th. B. Riley boosted their price target on Customers Bancorp from $78.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Finally, Piper Sandler dropped their price target on Customers Bancorp from $61.00 to $55.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Customers Bancorp has an average rating of "Moderate Buy" and a consensus price target of $61.11.

Customers Bancorp Price Performance

CUBI stock opened at $53.92 on Thursday. 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 stock's 50 day moving average price is $48.16 and its 200 day moving average price is $49.42. The firm has a market cap of $1.69 billion, a P/E ratio of 8.75 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period in the previous year, the company posted $2.59 EPS. Customers Bancorp'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.

Insiders Place Their Bets

In other news, 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 completion of the sale, the chief executive officer now directly owns 1,090,598 shares in the company, valued at $61,662,410.92. This represents a 7.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Glenn Hedde sold 5,002 shares of the company'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 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 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 valued at $5,210,695 in the last quarter. 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.