Federated Hermes Inc. Sells 28,097 Shares of Customers Bancorp, Inc (NYSE:CUBI)

Key Points

• Federated Hermes Inc. reduced its stake in Customers Bancorp by 25.2%, owning approximately 0.27% of the bank's stock after selling over 28,000 shares.
• Several equity research firms have raised their price targets for Customers Bancorp, with B. Riley increasing the target from $82.00 to $85.00, reflecting a generally positive outlook on the stock.
• Customers Bancorp reported a quarterly EPS of $1.80, exceeding the consensus estimate by $0.30, alongside a year-over-year revenue increase of 3.8%.

Federated Hermes Inc. lowered its stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 25.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,475 shares of the bank's stock after selling 28,097 shares during the quarter. Federated Hermes Inc. owned approximately 0.27% of Customers Bancorp worth $4,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Millennium Management LLC increased 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. Allianz Asset Management GmbH increased its holdings in Customers Bancorp by 34.9% in the 1st quarter. Allianz Asset Management GmbH now owns 8,500 shares of the bank's stock worth $427,000 after buying an additional 2,200 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Customers Bancorp by 20.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 17,777 shares of the bank's stock worth $865,000 after acquiring an additional 2,994 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Customers Bancorp by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 145,201 shares of the bank's stock valued at $7,289,000 after acquiring an additional 3,802 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Customers Bancorp by 6,283.2% during the 1st quarter. GAMMA Investing LLC now owns 94,727 shares of the bank's stock valued at $4,755,000 after purchasing an additional 93,243 shares during the last quarter. Institutional investors own 89.29% of the company's stock.

Customers Bancorp Stock Down 1.4%

Shares of Customers Bancorp stock traded down $0.89 during trading on Thursday, reaching $61.14. The stock had a trading volume of 88,015 shares, compared to its average volume of 305,293. Customers Bancorp, Inc has a 52 week low of $40.75 and a 52 week high of $67.19. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 15.17 and a beta of 1.59. 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 has a fifty day moving average price of $58.77 and a two-hundred day moving average price of $53.98.

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

Wall Street Analysts Forecast Growth

CUBI has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price objective 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. 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. DA Davidson raised 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. Stephens lifted their target price on shares of Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. Finally, Wall Street Zen upgraded shares of Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $67.00.

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.