Charles Schwab Investment Management Inc. Sells 47,871 Shares of Customers Bancorp, Inc $CUBI

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Customers Bancorp by 9.8%, selling 47,871 shares and now holds about 1.40% of the company worth $22.16 million.
• Customers Bancorp reported earnings of $1.80 per share, exceeding analysts' expectations by $0.30, with revenues of $206.31 million for the quarter.
• Analysts have raised their target prices for Customers Bancorp, with several firms giving the stock a "buy" rating, reflecting positive sentiment about its performance.

Charles Schwab Investment Management Inc. lowered its stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 9.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 441,416 shares of the bank's stock after selling 47,871 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.40% of Customers Bancorp worth $22,159,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CUBI. Shellback Capital LP purchased a new position in Customers Bancorp in the fourth quarter worth about $5,257,000. SG Americas Securities LLC boosted its position in shares of Customers Bancorp by 1,866.5% during the first quarter. SG Americas Securities LLC now owns 109,713 shares of the bank's stock valued at $5,508,000 after buying an additional 104,134 shares during the period. GAMMA Investing LLC boosted its position in shares of Customers Bancorp by 6,283.2% during the first quarter. GAMMA Investing LLC now owns 94,727 shares of the bank's stock valued at $4,755,000 after buying an additional 93,243 shares during the period. Millennium Management LLC boosted its position in shares of Customers Bancorp by 104.1% during the fourth quarter. Millennium Management LLC now owns 160,300 shares of the bank's stock valued at $7,803,000 after buying an additional 81,755 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Customers Bancorp by 19.1% during the fourth quarter. Northern Trust Corp now owns 381,684 shares of the bank's stock valued at $18,580,000 after buying an additional 61,224 shares during the period. Hedge funds and other institutional investors own 89.29% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. DA Davidson boosted their target price on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 28th. B. Riley boosted their target price on Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods boosted their target price on Customers Bancorp from $70.00 to $71.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, Stephens boosted their target price on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $69.25.

Customers Bancorp Trading Up 1.2%

Shares of Customers Bancorp stock traded up $0.85 on Wednesday, hitting $71.08. 181,484 shares of the company traded hands, compared to its average volume of 278,665. The company has a market cap of $2.25 billion, a PE ratio of 17.59 and a beta of 1.59. Customers Bancorp, Inc has a 52 week low of $40.75 and a 52 week high of $71.13. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock's 50 day moving average price is $63.18 and its 200-day moving average price is $55.09.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $1.80 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.30. The company had revenue of $206.31 million during the quarter, compared to the consensus estimate of $170.81 million. Customers Bancorp had a net margin of 10.77% and a return on equity of 11.98%. Customers Bancorp's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.49 earnings per share. Equities research analysts predict that Customers Bancorp, Inc will post 6.45 EPS for the current year.

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.