Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Customers Bancorp, Inc $CUBI

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 11,115 shares of Customers Bancorp (CUBI), valued at approximately $558,000, during the first quarter.
• Wall Street analysts have increased their price targets for Customers Bancorp, with DA Davidson raising it to $78.00 and B. Riley to $85.00, indicating strong growth expectations.
• Customers Bancorp reported earnings of $1.80 per share for the last quarter, exceeding expectations and marking a year-over-year revenue increase of 3.8%.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,115 shares of the bank's stock, valued at approximately $558,000.

Several other large investors have also modified their holdings of CUBI. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Customers Bancorp during the fourth quarter worth approximately $46,000. GAMMA Investing LLC grew its holdings in 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 acquiring an additional 403 shares during the period. Summit Investment Advisors Inc. raised its position in Customers Bancorp by 8.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,098 shares of the bank's stock worth $151,000 after acquiring an additional 254 shares in the last quarter. Hsbc Holdings PLC purchased a new position in Customers Bancorp in the fourth quarter worth $202,000. Finally, EP Wealth Advisors LLC purchased a new position in Customers Bancorp in the fourth quarter worth $205,000. Hedge funds and other institutional investors own 89.29% of the company's stock.

Customers Bancorp Price Performance

Shares of CUBI traded up $3.2790 during trading hours on Friday, reaching $68.7290. 413,174 shares of the company traded hands, compared to its average volume of 335,304. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $2.17 billion, a PE ratio of 17.01 and a beta of 1.59. Customers Bancorp, Inc has a fifty-two week low of $40.75 and a fifty-two week high of $69.42. The stock has a fifty day simple moving average of $62.04 and a 200 day simple moving average of $54.82.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $1.80 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.30. The business had revenue of $206.31 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.49 earnings per share. As a group, research analysts predict that Customers Bancorp, Inc will post 6.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.