Customers Bancorp, Inc. (NYSE:CUBI) Shares Acquired by Fmr LLC

Fmr LLC boosted its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 112.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,720 shares of the bank’s stock after purchasing an additional 8,314 shares during the quarter. Fmr LLC’s holdings in Customers Bancorp were worth $730,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CUBI. Quantbot Technologies LP lifted its stake in Customers Bancorp by 94.2% in the third quarter. Quantbot Technologies LP now owns 63,036 shares of the bank’s stock valued at $2,928,000 after buying an additional 30,573 shares during the last quarter. Citigroup Inc. lifted its position in Customers Bancorp by 16.4% in the 3rd quarter. Citigroup Inc. now owns 107,596 shares of the bank’s stock valued at $4,998,000 after purchasing an additional 15,161 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Customers Bancorp by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank’s stock valued at $23,665,000 after purchasing an additional 12,000 shares during the period. Intech Investment Management LLC grew its position in Customers Bancorp by 74.2% in the 3rd quarter. Intech Investment Management LLC now owns 25,349 shares of the bank’s stock worth $1,177,000 after purchasing an additional 10,797 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Customers Bancorp by 176.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 19,965 shares of the bank’s stock valued at $927,000 after purchasing an additional 12,739 shares during the period. 89.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CUBI. Keefe, Bruyette & Woods increased their price objective on Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Stephens increased their price target on Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Wedbush cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. Piper Sandler decreased their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Raymond James dropped 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. Six investment 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $62.22.

Insider Activity

In other Customers Bancorp news, CEO Jay S. Sidhu sold 860 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total transaction of $47,067.80. Following the sale, the chief executive officer now directly owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. The trade was a 0.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Glenn Hedde sold 5,002 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the sale, the insider now owns 66,256 shares of the company’s stock, valued at $3,556,622.08. The trade was a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,440 shares of company stock valued at $5,425,815 over the last three months. Insiders own 6.92% of the company’s stock.

Customers Bancorp Trading Down 3.5 %

Shares of NYSE:CUBI opened at $51.49 on Wednesday. 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 has a market capitalization of $1.61 billion, a price-to-earnings ratio of 8.36 and a beta of 1.65. Customers Bancorp, Inc. has a 1-year low of $42.31 and a 1-year high of $68.49. The company has a 50 day moving average price of $51.30 and a 200 day moving average price of $50.45.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.09). The company had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The business’s revenue was down 23.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.59 earnings per share. On average, research analysts anticipate that Customers Bancorp, Inc. will post 5.63 EPS for the current fiscal 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.