Quest Partners LLC Increases Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

Quest Partners LLC boosted its position in Customers Bancorp, Inc. (NYSE:CUBI) by 143.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,633 shares of the bank’s stock after purchasing an additional 962 shares during the period. Quest Partners LLC’s holdings in Customers Bancorp were worth $76,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CUBI. Ridgewood Investments LLC acquired a new stake in Customers Bancorp in the second quarter valued at $48,000. Innealta Capital LLC acquired a new stake in Customers Bancorp in the 2nd quarter valued at about $74,000. GAMMA Investing LLC increased its holdings in Customers Bancorp by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after acquiring an additional 282 shares in the last quarter. CWM LLC increased its holdings in Customers Bancorp by 14.2% during the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after acquiring an additional 274 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Customers Bancorp during the second quarter worth about $151,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CUBI shares. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. Raymond James lowered their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 2nd. StockNews.com cut Customers Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 23rd. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a research report on Friday, August 9th. Finally, Stephens lifted their price objective on Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Customers Bancorp has an average rating of “Hold” and a consensus price target of $61.11.

Customers Bancorp Stock Performance

Customers Bancorp stock opened at $56.52 on Friday. The stock has a fifty day moving average price of $49.13 and a 200 day moving average price of $49.77. 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 $1.77 billion, a P/E ratio of 9.18 and a beta of 1.61. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

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

Insider Buying and Selling

In other news, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now directly owns 4,567 shares of the company’s stock, valued at $245,613.26. The trade was a 46.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following 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. Over the last quarter, insiders sold 96,440 shares of company stock valued at $5,425,815. Insiders own 6.92% of the company’s stock.

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.