Customers Bancorp, Inc. (NYSE:CUBI) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lowered its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 3.3% during the third quarter, Holdings Channel reports. The fund owned 69,125 shares of the bank’s stock after selling 2,348 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Customers Bancorp were worth $3,211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CUBI. Vanguard Group Inc. grew its stake in Customers Bancorp by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after acquiring an additional 111,654 shares during the period. Quadrature Capital Ltd increased its stake in 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 purchasing an additional 1,582 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Customers Bancorp by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,576 shares of the bank’s stock worth $721,000 after buying an additional 1,030 shares during the period. Hancock Whitney Corp acquired a new stake in Customers Bancorp in the 1st quarter worth about $314,000. Finally, Wedge Capital Management L L P NC purchased a new stake in Customers Bancorp in the 2nd quarter valued at about $2,508,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Insider Activity at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of the business’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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now directly owns 4,567 shares of the company’s stock, valued at $245,613.26. This represents a 46.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,440 shares of company stock worth $5,425,815 in the last three months. 6.92% of the stock is owned by company insiders.

Customers Bancorp Stock Up 2.8 %

CUBI stock opened at $57.67 on Tuesday. The firm has a fifty day moving average price of $48.47 and a two-hundred day moving average price of $49.55. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp, Inc. has a 1-year low of $42.31 and a 1-year high of $68.49. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 9.36 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results 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 firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. During the same period last year, the firm posted $2.59 EPS. The business’s revenue was down 23.2% compared to the same quarter last year. Research analysts predict that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Raymond James cut their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 2nd. StockNews.com downgraded shares of Customers Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Hovde Group lowered Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a research report on Friday, August 9th. Finally, Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $57.00 to $52.00 in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $61.11.

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.