Comerica Bank Sells 12,772 Shares of Customers Bancorp, Inc $CUBI

Key Points

• Comerica Bank reduced its stake in Customers Bancorp by 40.9%, selling 12,772 shares during the 1st quarter, leaving it with approximately $926,000 in worth.
• Multiple brokerages have raised their target prices for Customers Bancorp, with DA Davidson increasing it to $78.00 and maintaining a "buy" rating.
• Customers Bancorp reported earnings of $1.80 per share for the last quarter, exceeding analysts' estimates of $1.50, and demonstrated a 3.8% year-over-year revenue increase.

Comerica Bank trimmed its position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 40.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,439 shares of the bank's stock after selling 12,772 shares during the quarter. Comerica Bank owned 0.06% of Customers Bancorp worth $926,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Customers Bancorp during the fourth quarter worth approximately $46,000. GAMMA Investing LLC raised its position in shares of Customers Bancorp by 27.2% during the first quarter. GAMMA Investing LLC now owns 1,887 shares of the bank's stock worth $95,000 after purchasing an additional 403 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Customers Bancorp during the fourth quarter worth approximately $202,000. EP Wealth Advisors LLC acquired a new position in shares of Customers Bancorp during the fourth quarter worth approximately $205,000. Finally, Ground Swell Capital LLC acquired a new position in shares of Customers Bancorp during the first quarter worth approximately $208,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CUBI shares. Keefe, Bruyette & Woods upped their target price on Customers Bancorp from $71.00 to $76.00 and gave the stock a "market perform" rating in a research report on Friday, September 5th. Wall Street Zen raised Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. B. Riley increased their price target on Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Stephens increased their price target 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. Finally, DA Davidson increased their price target on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.88.

Customers Bancorp Stock Down 0.8%

NYSE CUBI traded down $0.53 on Thursday, reaching $68.22. The company had a trading volume of 252,343 shares, compared to its average volume of 365,207. The stock has a market capitalization of $2.16 billion, a P/E ratio of 16.89 and a beta of 1.62. The company's fifty day moving average is $65.75 and its 200 day moving average is $56.13. Customers Bancorp, Inc has a 52-week low of $40.75 and a 52-week high of $72.51. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.77.

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

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.