Mackenzie Financial Corp Buys Shares of 30,144 Customers Bancorp, Inc (NYSE:CUBI)

Mackenzie Financial Corp bought a new stake in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 30,144 shares of the bank's stock, valued at approximately $1,513,000. Mackenzie Financial Corp owned about 0.10% of Customers Bancorp at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Millennium Management LLC boosted its stake in Customers Bancorp by 104.1% in 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 in the last quarter. Allianz Asset Management GmbH boosted its stake in Customers Bancorp by 34.9% in 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 in the last quarter. Envestnet Asset Management Inc. boosted its stake 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 buying an additional 2,994 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Customers Bancorp by 2.7% in 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 in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Customers Bancorp by 6,283.2% in the first quarter. GAMMA Investing LLC now owns 94,727 shares of the bank's stock worth $4,755,000 after buying an additional 93,243 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $62.90 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $1.99 billion, a P/E ratio of 15.57 and a beta of 1.59. The stock has a 50 day moving average price of $58.33 and a two-hundred day moving average price of $53.86. Customers Bancorp, Inc has a fifty-two week low of $40.75 and a fifty-two week high of $67.19.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $1.80 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 the consensus estimate of $170.81 million. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.49 earnings per share. Analysts expect that Customers Bancorp, Inc will post 6.45 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CUBI. Keefe, Bruyette & Woods upped their target price on Customers Bancorp from $70.00 to $71.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. B. Riley upped their target price on Customers Bancorp from $82.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. DA Davidson boosted their price objective on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Stephens boosted their price objective on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Finally, Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Customers Bancorp currently has a consensus rating of "Moderate Buy" and a consensus 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.

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