206,943 Shares in Customers Bancorp, Inc $CUBI Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon initiated a 206,943-share stake in Customers Bancorp valued at approximately $16.4 million, while institutional investors collectively own 89.29% of the company.
• Customers Bancorp reported quarterly earnings of $2.05 per share, exceeding estimates of $2.00, although revenue of $227.28 million fell slightly short of expectations. Revenue increased 10.2% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $90.69, compared with the stock’s reported price of $78.29; meanwhile, insiders sold 100,000 shares worth about $8.0 million during the last quarter.

Bank of New York Mellon Corp bought a new stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 206,943 shares of the bank's stock, valued at approximately $16,369,000. Bank of New York Mellon Corp owned about 0.61% of Customers Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Customers Bancorp by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank's stock worth $162,424,000 after acquiring an additional 66,031 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Customers Bancorp by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank's stock valued at $134,859,000 after purchasing an additional 65,954 shares in the last quarter. State Street Corp increased its stake in Customers Bancorp by 1.8% in the fourth quarter. State Street Corp now owns 1,832,570 shares of the bank's stock valued at $133,998,000 after purchasing an additional 32,449 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Customers Bancorp by 3,074.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank's stock valued at $63,732,000 after purchasing an additional 844,141 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Customers Bancorp by 213.0% during the first quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank's stock worth $54,056,000 after purchasing an additional 529,987 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Trading Down 0.4%

Shares of CUBI stock opened at $78.29 on Tuesday. The company has a market capitalization of $2.64 billion, a P/E ratio of 9.55 and a beta of 1.49. 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 business's 50 day moving average is $79.12 and its two-hundred day moving average is $75.03. Customers Bancorp, Inc has a twelve month low of $59.34 and a twelve month high of $84.38.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. During the same period last year, the company earned $1.80 earnings per share. The company's revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts forecast that Customers Bancorp, Inc will post 8.43 EPS for the current year.

Analyst Ratings Changes

CUBI has been the topic of a number of recent analyst reports. DA Davidson increased their target price on shares of Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Morgan Stanley upped their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Fundamental Research set a $94.00 price objective on Customers Bancorp in a report on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their target price on Customers Bancorp from $88.00 to $89.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. boosted their target price on Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Customers Bancorp has an average rating of "Moderate Buy" and an average target price of $90.69.

Insider Activity

In other news, Chairman Jay S. Sidhu sold 68,821 shares of the business's stock in a transaction dated 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 transaction, the chairman directly owned 667,757 shares in the company, valued at $53,480,658.13. The trade was a 9.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 100,000 shares of company stock worth $7,981,084 in the last quarter. Insiders own 10.45% of the company's stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc NYSE: CUBI is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.

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