141,686 Shares in Customers Bancorp, Inc $CUBI Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 141,686 shares of Customers Bancorp in the second quarter, valued at approximately $11.2 million and representing about 0.42% of the company. Institutional investors collectively own 89.29% of CUBI.
• Customers Bancorp reported quarterly EPS of $2.05, exceeding estimates of $2.00, while revenue rose 10.2% year over year to $227.28 million, slightly below expectations.
• CUBI shares opened at $77.20, compared with analysts’ average price target of $91.36. The stock carries a “Moderate Buy” consensus rating, although Chairman Jay Sidhu recently sold 68,821 shares.

Bank of America Corp DE purchased a new position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 141,686 shares of the bank's stock, valued at approximately $11,207,000. Bank of America Corp DE owned approximately 0.42% of Customers Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its position in shares of Customers Bancorp by 78.4% in the first quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock valued at $37,000 after buying an additional 232 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Customers Bancorp by 41.0% in the second quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock valued at $44,000 after purchasing an additional 163 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in Customers Bancorp by 528.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,445 shares of the bank's stock worth $106,000 after buying an additional 1,215 shares in the last quarter. State of Wyoming acquired a new position in Customers Bancorp during the second quarter worth $130,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Customers Bancorp in the second quarter valued at about $177,000. Hedge funds and other institutional investors own 89.29% of the company's stock.

Customers Bancorp Price Performance

CUBI stock opened at $77.20 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $2.61 billion, a PE ratio of 9.41 and a beta of 1.47. Customers Bancorp, Inc has a 12-month low of $59.34 and a 12-month high of $84.38. The business's fifty day moving average price is $79.29 and its 200 day moving average price is $76.00.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The company had revenue of $227.28 million during the quarter, compared to analysts' expectations of $229.24 million. During the same period last year, the business posted $1.80 EPS. Customers Bancorp's revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that Customers Bancorp, Inc will post 8.44 EPS for the current year.

Insiders Place Their Bets

In other Customers Bancorp news, Chairman Jay Sidhu sold 68,821 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the sale, the chairman directly owned 667,757 shares in the company, valued at $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 100,000 shares of company stock worth $7,981,084. 10.45% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CUBI shares. Weiss Ratings reissued a "buy (b)" rating on shares of Customers Bancorp in a research note on Monday, June 29th. Morgan Stanley cut Customers Bancorp from an "equal weight" rating to an "underweight" rating and upped their price objective for the company from $88.00 to $89.00 in a report on Tuesday, September 8th. Fundamental Research set a $94.00 price target on Customers Bancorp in a research note on Wednesday, July 1st. DA Davidson increased their price target on Customers Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Customers Bancorp currently has an average rating of "Moderate Buy" and an average target price of $91.36.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking services to businesses, institutions, professionals and individual consumers.

Customers Bank offers commercial and industrial lending, commercial real estate loans, small business financing, residential and consumer loans, deposit accounts, cash-management services and other treasury-management solutions. The bank also operates specialty and digital banking businesses designed to support technology companies, venture-backed businesses, financial institutions and other commercial clients.

Customers Bancorp was established in 2009 and has developed from a regional banking organization into a bank with both Mid-Atlantic operations and nationally oriented specialty-finance and digital capabilities.

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