Mackay Shields LLC lowered its stake in Customers Bancorp Inc (NYSE:CUBI) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 173,061 shares of the bank’s stock after selling 4,200 shares during the period. Mackay Shields LLC owned 0.55% of Customers Bancorp worth $3,589,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Customers Bancorp by 0.7% during the 2nd quarter. BlackRock Inc. now owns 4,348,588 shares of the bank’s stock valued at $91,320,000 after buying an additional 28,107 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of Customers Bancorp during the 2nd quarter valued at approximately $14,422,000. Invesco Ltd. grew its stake in shares of Customers Bancorp by 338.7% during the 2nd quarter. Invesco Ltd. now owns 640,090 shares of the bank’s stock valued at $13,442,000 after acquiring an additional 494,195 shares during the period. Matthew 25 Management Corp grew its stake in shares of Customers Bancorp by 25.6% during the 2nd quarter. Matthew 25 Management Corp now owns 507,500 shares of the bank’s stock valued at $10,658,000 after acquiring an additional 103,500 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Customers Bancorp by 88.0% during the 2nd quarter. Wells Fargo & Company MN now owns 426,630 shares of the bank’s stock valued at $8,959,000 after acquiring an additional 199,732 shares during the period. Institutional investors and hedge funds own 79.93% of the company’s stock.
In related news, insider James T. Collins sold 1,519 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $21.17, for a total transaction of $32,157.23. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 9.54% of the stock is owned by company insiders.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Customers Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Thursday, October 31st. Maxim Group restated a “buy” rating and issued a $38.00 price target on shares of Customers Bancorp in a research note on Friday, October 25th. TheStreet upgraded Customers Bancorp from a “c” rating to a “b-” rating in a research note on Friday, November 1st. Sandler O’Neill downgraded Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, ValuEngine upgraded Customers Bancorp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $29.69.
NYSE:CUBI traded down $0.15 during midday trading on Monday, hitting $24.68. 36,099 shares of the company traded hands, compared to its average volume of 162,258. The firm’s fifty day moving average is $21.63 and its 200-day moving average is $20.62. Customers Bancorp Inc has a 12-month low of $16.72 and a 12-month high of $25.72. The firm has a market capitalization of $775.42 million, a P/E ratio of 10.16 and a beta of 1.07. The company has a current ratio of 1.09, a quick ratio of 1.04 and a debt-to-equity ratio of 1.43.
Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Customers Bancorp had a return on equity of 9.72% and a net margin of 13.45%. The company had revenue of $99.10 million for the quarter, compared to analyst estimates of $93.36 million. During the same quarter in the prior year, the firm posted $0.62 EPS. On average, research analysts expect that Customers Bancorp Inc will post 2.2 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 small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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