Why Customers Bancorp Stock Dropped 9.8% This Week
Customers Bancorp (NYSE: CUBI) saw its share price fall 9.8% this week, as of 1:15 p.m. ET, from last Friday's close, according to S&P Global Market Intelligence. The stock is trading at about $28 per share and is down about 2.1% year to date as of Jan. 27.
The drop is in contrast to the overall markets, which were up this week. The S&P 500 climbed 2.5%, the Dow Jones Industrial Average gained 2%, and the Nasdaq Composite jumped 4.2% this week, as of 1:15 p.m. ET today.
The downward movement of Customers Bancorp, the holding company for West Reading, Pennsylvania-based Customers Bank, was due mainly to the release of its fourth quarter and year-end earnings on Jan. 25. The company missed both fourth-quarter and full-year analyst estimates for both revenue and earnings.
Source Fool.com
