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 lowered its stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 40.9% during the 1st 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 about 0.06% of Customers Bancorp worth $926,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CUBI. Nisa Investment Advisors LLC raised its stake in Customers Bancorp by 3.8% during the 1st quarter. Nisa Investment Advisors LLC now owns 7,422 shares of the bank's stock valued at $373,000 after purchasing an additional 270 shares during the period. GAMMA Investing LLC raised its stake in Customers Bancorp by 27.2% during the 1st quarter. GAMMA Investing LLC now owns 1,887 shares of the bank's stock valued at $95,000 after purchasing an additional 403 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Customers Bancorp by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,839 shares of the bank's stock valued at $820,000 after purchasing an additional 645 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Customers Bancorp during the 4th quarter valued at approximately $46,000. Finally, Twinbeech Capital LP raised its stake in Customers Bancorp by 1.4% during the 4th quarter. Twinbeech Capital LP now owns 75,363 shares of the bank's stock valued at $3,669,000 after purchasing an additional 1,052 shares during the period. Institutional investors own 89.29% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CUBI. Keefe, Bruyette & Woods lifted their target price on Customers Bancorp from $71.00 to $76.00 and gave the company a "market perform" rating in a research note on Friday. DA Davidson lifted their target price on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Stephens lifted their target price on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. B. Riley lifted their target price on Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Wall Street Zen raised Customers Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. 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 company's stock. Based on data from MarketBeat.com, Customers Bancorp currently has an average rating of "Moderate Buy" and an average price target of $69.88.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $67.45 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. Customers Bancorp, Inc has a 1 year low of $40.75 and a 1 year high of $72.51. The stock's 50 day simple moving average is $65.34 and its two-hundred day simple moving average is $55.77. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 16.69 and a beta of 1.62.

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

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