Vanguard Group Inc. Sells 68,241 Shares of Customers Bancorp, Inc $CUBI

Key Points

• Vanguard Group Inc. has reduced its stake in Customers Bancorp, Inc by 3.2% in the first quarter, currently owning approximately 6.58% of the company valued at $103,883,000.
• Institutional investors collectively hold 89.29% of Customers Bancorp's stock, with significant increases in shares owned by other hedge funds such as Millennium Management and GAMMA Investing.
• Brokerages have given Customers Bancorp mixed ratings, with a consensus target price of $69.25 and an average rating of "Moderate Buy" following positive quarterly earnings results that exceeded analyst expectations.

Vanguard Group Inc. cut its holdings in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 3.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,069,391 shares of the bank's stock after selling 68,241 shares during the quarter. Vanguard Group Inc. owned about 6.58% of Customers Bancorp worth $103,883,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CUBI. Wells Fargo & Company MN boosted its position in shares of Customers Bancorp by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 17,424 shares of the bank's stock worth $848,000 after purchasing an additional 3,792 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Customers Bancorp by 20.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 17,777 shares of the bank's stock worth $865,000 after purchasing an additional 2,994 shares during the period. Raymond James Financial Inc. bought a new position in shares of Customers Bancorp during the fourth quarter worth $2,543,000. MetLife Investment Management LLC grew its holdings in shares of Customers Bancorp by 6.8% in the 4th quarter. MetLife Investment Management LLC now owns 18,023 shares of the bank's stock valued at $877,000 after buying an additional 1,147 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in shares of Customers Bancorp by 167.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,339 shares of the bank's stock valued at $455,000 after buying an additional 5,845 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.

Customers Bancorp Stock Performance

CUBI stock traded up $0.50 during midday trading on Wednesday, reaching $70.73. 77,771 shares of the company were exchanged, compared to its average volume of 299,035. Customers Bancorp, Inc has a one year low of $40.75 and a one year high of $71.07. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 17.50 and a beta of 1.59. The business has a 50-day moving average price of $62.79 and a two-hundred day moving average price of $54.98. 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 (NYSE:CUBI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.30. Customers Bancorp had a net margin of 10.77% and a return on equity of 11.98%. The firm had revenue of $206.31 million for the quarter, compared to analysts' expectations of $170.81 million. During the same period in the prior year, the firm earned $1.49 EPS. The business's revenue was up 3.8% on a year-over-year basis. Equities research analysts forecast that Customers Bancorp, Inc will post 6.45 EPS for the current year.

Analyst Upgrades and Downgrades

CUBI has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Customers Bancorp from $70.00 to $71.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. DA Davidson boosted their price objective on shares of Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Stephens upped 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. Finally, 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 note 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 assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $69.25.

Customers Bancorp Company 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.