Charles Schwab Investment Management Inc. Has $23.67 Million Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

Charles Schwab Investment Management Inc. grew its holdings in Customers Bancorp, Inc. (NYSE:CUBI) by 2.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 509,469 shares of the bank’s stock after purchasing an additional 12,000 shares during the period. Charles Schwab Investment Management Inc. owned about 1.61% of Customers Bancorp worth $23,665,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hood River Capital Management LLC boosted its stake in Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after purchasing an additional 266,462 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after buying an additional 225,785 shares during the period. Peregrine Capital Management LLC bought a new position in shares of Customers Bancorp during the second quarter worth about $7,690,000. American Century Companies Inc. boosted its position in shares of Customers Bancorp by 14.6% during the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after purchasing an additional 87,557 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new stake in Customers Bancorp in the 3rd quarter valued at about $3,470,000. Institutional investors own 89.29% of the company’s stock.

Insider Buying and Selling at Customers Bancorp

In related news, CEO Jay S. Sidhu sold 860 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total transaction of $47,067.80. Following the completion of the sale, the chief executive officer now owns 1,189,738 shares in the company, valued at approximately $65,114,360.74. This represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the sale, the director now owns 4,567 shares of the company’s stock, valued at $245,613.26. This trade represents a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,440 shares of company stock worth $5,425,815. 6.92% of the stock is owned by insiders.

Customers Bancorp Trading Down 0.5 %

Shares of CUBI opened at $55.04 on Friday. Customers Bancorp, Inc. has a 1-year low of $42.31 and a 1-year high of $68.49. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 8.94 and a beta of 1.65. The firm’s 50-day moving average price is $50.09 and its 200-day moving average price is $50.00. 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 released its earnings results 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 firm had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. During the same quarter in the previous year, the business earned $2.59 EPS. The company’s revenue for the quarter was down 23.2% compared to the same quarter last year. Sell-side analysts anticipate that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CUBI. Stephens lifted their price objective on shares of Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. B. Riley upped their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Piper Sandler dropped their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Raymond James cut their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, December 1st. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.22.

Customers Bancorp Profile

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.