LSV Asset Management Sells 8,000 Shares of Customers Bancorp, Inc (NYSE:CUBI)

Key Points

• LSV Asset Management has reduced its stake in Customers Bancorp by 3.5%, selling 8,000 shares to own 219,800 shares worth approximately $11 million as of the latest reporting period.
• Analysts have increased price targets for Customers Bancorp, with B. Riley raising its target from $82 to $85, while six analysts have given the stock a "hold" rating and three a "buy" rating.
• Customers Bancorp stock is currently valued at $63.33, showcasing a significant performance increase, with a reported earnings per share of $1.80 in its most recent quarter, exceeding analyst estimates.

LSV Asset Management cut its holdings in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 3.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,800 shares of the bank's stock after selling 8,000 shares during the quarter. LSV Asset Management owned approximately 0.70% of Customers Bancorp worth $11,034,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in Customers Bancorp in the 4th quarter worth about $46,000. GAMMA Investing LLC lifted its stake in shares of Customers Bancorp by 27.2% in the first quarter. GAMMA Investing LLC now owns 1,887 shares of the bank's stock worth $95,000 after buying an additional 403 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of 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 buying an additional 254 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Customers Bancorp during the fourth quarter valued at approximately $202,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Customers Bancorp during the fourth quarter valued at approximately $205,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Stephens increased their target price 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. B. Riley upped their price target on Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods increased 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. DA Davidson lifted their price objective on Customers Bancorp from $69.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Wall Street Zen upgraded shares of Customers Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Customers Bancorp has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Customers Bancorp Stock Performance

CUBI stock traded up $1.46 during trading on Friday, reaching $62.67. The stock had a trading volume of 90,059 shares, compared to its average volume of 304,556. The firm has a market cap of $1.98 billion, a PE ratio of 15.50 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's 50 day moving average is $58.97 and its two-hundred day moving average is $54.06. Customers Bancorp, Inc has a 52 week low of $40.75 and a 52 week high of $67.19.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings data 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 for 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 business's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.49 EPS. As a group, equities analysts anticipate that Customers Bancorp, Inc will post 6.45 earnings per share for the current year.

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.