Geode Capital Management LLC Increases Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

Geode Capital Management LLC grew its holdings in Customers Bancorp, Inc. (NYSE:CUBI) by 2.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 687,130 shares of the bank’s stock after acquiring an additional 17,941 shares during the quarter. Geode Capital Management LLC owned about 2.19% of Customers Bancorp worth $31,924,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. CWM LLC boosted its holdings in Customers Bancorp by 14.2% in the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after purchasing an additional 274 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after buying an additional 282 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Customers Bancorp by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank’s stock valued at $686,000 after buying an additional 300 shares during the last quarter. Mackenzie Financial Corp raised its stake in Customers Bancorp by 10.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock worth $281,000 after acquiring an additional 549 shares in the last quarter. Finally, Inspire Investing LLC lifted its position in Customers Bancorp by 8.3% in the second quarter. Inspire Investing LLC now owns 7,303 shares of the bank’s stock valued at $350,000 after acquiring an additional 557 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the company’s 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 directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 96,440 shares of company stock valued at $5,425,815 over the last ninety days. Corporate insiders own 6.92% of the company’s stock.

Customers Bancorp Stock Up 1.2 %

CUBI stock opened at $48.62 on Thursday. The stock has a market capitalization of $1.52 billion, a PE ratio of 7.89 and a beta of 1.65. The company has a fifty day moving average of $51.56 and a 200-day moving average of $50.64. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. Customers Bancorp, Inc. has a one year low of $42.31 and a one year high of $68.49.

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

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Raymond James dropped their price objective 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. B. Riley raised their price target on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. StockNews.com upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Piper Sandler lowered their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Stephens upped their price target on shares of Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Six 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price 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.