Customers Bancorp, Inc $CUBI Shares Sold by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors LLC significantly reduced its stake in Customers Bancorp, Inc by selling 102,652 shares, resulting in an ownership of just 14,144 shares worth approximately $710,000.
• Several hedge funds have recently increased or established new positions in Customers Bancorp, contributing to the company's 89.29% institutional ownership.
• Customers Bancorp reported $1.80 earnings per share for the quarter, exceeding expectations, with a total revenue of $206.31 million, up from analyst projections of $170.81 million.

Great Lakes Advisors LLC decreased its position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 87.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,144 shares of the bank's stock after selling 102,652 shares during the period. Great Lakes Advisors LLC's holdings in Customers Bancorp were worth $710,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its position in Customers Bancorp by 5.2% during the first quarter. Russell Investments Group Ltd. now owns 80,652 shares of the bank's stock worth $4,049,000 after buying an additional 3,958 shares during the period. Millennium Management LLC increased its position in Customers Bancorp by 104.1% during the fourth quarter. Millennium Management LLC now owns 160,300 shares of the bank's stock worth $7,803,000 after buying an additional 81,755 shares during the period. Allianz Asset Management GmbH increased its position in Customers Bancorp by 34.9% during the first 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 during the period. Principal Financial Group Inc. increased its position in Customers Bancorp by 2.7% during the first quarter. Principal Financial Group Inc. now owns 145,201 shares of the bank's stock worth $7,289,000 after buying an additional 3,802 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Customers Bancorp by 6,283.2% in the first 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 period. Institutional investors and hedge funds own 89.29% of the company's stock.

Customers Bancorp Trading Up 1.8%

Customers Bancorp stock traded up $1.21 during trading on Wednesday, hitting $67.66. The company's stock had a trading volume of 97,103 shares, compared to its average volume of 311,635. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 16.75 and a beta of 1.62. The stock's fifty day moving average is $65.88 and its 200 day moving average is $56.43. Customers Bancorp, Inc has a 1-year low of $40.75 and a 1-year high of $72.51. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98.

Customers Bancorp (NYSE:CUBI - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $1.80 EPS for the quarter, beating the consensus estimate of $1.50 by $0.30. The firm had revenue of $206.31 million during 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 quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.49 earnings per share. As a group, equities research analysts predict that Customers Bancorp, Inc will post 6.45 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Stephens boosted their target price on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. DA Davidson boosted 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 boosted 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. Wall Street Zen raised Customers Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, Keefe, Bruyette & Woods boosted their target price on Customers Bancorp from $71.00 to $76.00 and gave the company a "market perform" rating in a report on Friday, September 5th. 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $69.88.

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.