State Street Corp Raises Stake in Customers Bancorp, Inc. (NYSE:CUBI)

State Street Corp raised its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 10.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,781,976 shares of the bank’s stock after buying an additional 169,982 shares during the period. State Street Corp owned 0.06% of Customers Bancorp worth $82,773,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Systematic Financial Management LP purchased a new stake in Customers Bancorp in the 3rd quarter valued at $574,000. Point72 DIFC Ltd purchased a new stake in Customers Bancorp in the 3rd quarter valued at $84,000. Point72 Asset Management L.P. purchased a new stake in Customers Bancorp in the 3rd quarter valued at $223,000. Harbor Advisors LLC grew its holdings in Customers Bancorp by 376.8% in the 3rd quarter. Harbor Advisors LLC now owns 33,375 shares of the bank’s stock valued at $1,550,000 after buying an additional 26,375 shares in the last quarter. Finally, Basswood Capital Management L.L.C. purchased a new stake in Customers Bancorp in the 3rd quarter valued at $26,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, CEO Jay S. Sidhu sold 86,578 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $56.54, for a total value of $4,895,120.12. Following the sale, the chief executive officer now owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. This trade represents a 7.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Neil Mackay sold 4,000 shares of the 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 completion of the transaction, the director now owns 4,567 shares in the company, valued at approximately $245,613.26. The trade was a 46.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock valued at $5,425,815 in the last quarter. Corporate insiders own 6.92% of the company’s stock.

Analyst Ratings Changes

CUBI has been the subject of a number of research analyst reports. StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Raymond James lowered their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods increased their price target on Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Stephens increased their price target on Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.22.

Customers Bancorp Price Performance

CUBI opened at $53.36 on Tuesday. The stock’s 50-day moving average price is $51.30 and its 200 day moving average price is $50.45. Customers Bancorp, Inc. has a 12-month low of $42.31 and a 12-month high of $68.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 8.66 and a beta of 1.65.

Customers Bancorp (NYSE:CUBI) last posted its 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). The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. Customers Bancorp’s revenue was down 23.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.59 EPS. As a group, sell-side analysts expect that Customers Bancorp, Inc. will post 5.63 earnings per share for the current year.

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.