Customers Bancorp, Inc. (NYSE:CUBI) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC raised its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 2.7% in the third quarter, HoldingsChannel reports. The firm owned 687,130 shares of the bank’s stock after acquiring an additional 17,941 shares during the period. Geode Capital Management LLC’s holdings in Customers Bancorp were worth $31,924,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Barclays PLC grew its holdings in Customers Bancorp by 46.9% in the 3rd quarter. Barclays PLC now owns 89,879 shares of the bank’s stock worth $4,175,000 after buying an additional 28,683 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Customers Bancorp in the third quarter worth $736,000. State Street Corp increased its holdings in shares of Customers Bancorp by 10.5% during the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock valued at $82,773,000 after purchasing an additional 169,982 shares during the period. Systematic Financial Management LP bought a new stake in shares of Customers Bancorp during the third quarter valued at about $574,000. Finally, Point72 DIFC Ltd bought a new position in Customers Bancorp in the 3rd quarter valued at about $84,000. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Performance

NYSE CUBI opened at $48.62 on Thursday. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The company’s fifty day moving average is $51.56 and its two-hundred day moving average is $50.64. Customers Bancorp, Inc. has a 52-week low of $42.31 and a 52-week high of $68.49. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 7.89 and a beta of 1.65.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 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 during the quarter, compared to analyst estimates of $191.61 million. During the same period last year, the company earned $2.59 EPS. The company’s revenue was down 23.2% on a year-over-year basis. Equities research analysts forecast that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Insider Buying and Selling

In related news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction dated 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 transaction, the insider now owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction that occurred 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 sale, the director now directly owns 4,567 shares in the company, valued at $245,613.26. The trade was a 46.69 % decrease in their ownership of the stock. 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 ninety days. 6.92% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Raymond James reduced their price target on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods increased their price target on Customers Bancorp from $52.00 to $62.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler cut their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Finally, Wedbush cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Customers Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $62.22.

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.