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

Algert Global LLC lessened its holdings in Customers Bancorp, Inc. (NYSE:CUBI) by 52.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,449 shares of the bank’s stock after selling 43,863 shares during the quarter. Algert Global LLC owned approximately 0.12% of Customers Bancorp worth $1,832,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Ridgewood Investments LLC bought a new position in shares of Customers Bancorp in the 2nd quarter valued at about $48,000. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 282 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Customers Bancorp in the 2nd quarter valued at approximately $74,000. Quest Partners LLC raised its position in shares of Customers Bancorp by 143.4% in the 3rd quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock valued at $76,000 after acquiring an additional 962 shares during the period. Finally, CWM LLC raised its position in shares of 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 acquiring an additional 274 shares during the period. Institutional investors own 89.29% of the company’s stock.

Insider Activity

In related news, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the transaction, the director now directly owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jay S. Sidhu sold 86,578 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of the transaction, the chief executive officer now directly owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. This represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock worth $5,425,815 over the last ninety days. Insiders own 6.92% of the company’s stock.

Customers Bancorp Price Performance

NYSE CUBI opened at $56.84 on Thursday. 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, Inc. has a 12-month low of $42.31 and a 12-month high of $68.49. The company has a market capitalization of $1.78 billion, a PE ratio of 9.23 and a beta of 1.61. The firm’s 50 day moving average is $48.82 and its 200-day moving average is $49.67.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data 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 business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. During the same quarter last year, the business earned $2.59 earnings per share. Customers Bancorp’s revenue for the quarter was down 23.2% on a year-over-year basis. Equities research analysts anticipate that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CUBI has been the topic of a number of analyst reports. Raymond James cut their price target on shares of 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 increased their price target on shares of Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. B. Riley increased their price target 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. StockNews.com downgraded shares of Customers Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 23rd. Finally, Hovde Group downgraded 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 report on Friday, August 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $61.11.

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.