Great Lakes Advisors LLC Sells 102,652 Shares of Customers Bancorp, Inc $CUBI

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 trimmed its stake in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 87.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of CUBI. Jones Financial Companies Lllp bought a new stake in Customers Bancorp in the first quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Customers Bancorp during the fourth quarter valued at approximately $46,000. GAMMA Investing LLC raised its position in shares of Customers Bancorp by 27.2% in the 1st quarter. GAMMA Investing LLC now owns 1,887 shares of the bank's stock worth $95,000 after acquiring an additional 403 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Customers Bancorp during the 4th quarter valued at $205,000. Finally, Ground Swell Capital LLC acquired a new position in shares of Customers Bancorp during the first quarter valued at about $208,000. Institutional investors own 89.29% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wall Street Zen raised Customers Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. B. Riley increased their price target on shares of Customers Bancorp from $82.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Stephens lifted their price target 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. DA Davidson raised their price objective on Customers Bancorp from $69.00 to $78.00 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 $71.00 to $76.00 and gave the stock a "market perform" rating in a research note on Friday, September 5th. One investment 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. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $69.88.

Customers Bancorp Price Performance

Shares of NYSE:CUBI opened at $68.22 on Friday. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 16.89 and a beta of 1.62. Customers Bancorp, Inc has a one year low of $40.75 and a one year high of $72.51. The company has a 50-day simple moving average of $65.75 and a 200-day simple moving average of $56.13. 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 issued its earnings results on Thursday, July 24th. The bank reported $1.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.30. The company had revenue of $206.31 million during the quarter, compared to analysts' expectations of $170.81 million. Customers Bancorp had a net margin of 10.77% and a return on equity of 11.98%. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $1.49 earnings per share. On average, analysts predict that Customers Bancorp, Inc will post 6.45 EPS for the current year.

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.

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