Rafferty Asset Management LLC Sells 29,767 Shares of Customers Bancorp, Inc $CUBI

Key Points

• Rafferty Asset Management LLC reduced its stake in Customers Bancorp by 39.0% in Q1, now holding 46,473 shares valued at approximately $2.33 million.
• Several institutional investors have adjusted their holdings in Customers Bancorp, with notable increases from MetLife Investment Management and Northern Trust Corp, indicating a mixed sentiment among large investors.
• Analysts have recently raised price targets for Customers Bancorp, with the average target now set at $69.25, while the stock is currently trading around $71.84.

Rafferty Asset Management LLC decreased its position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 39.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,473 shares of the bank's stock after selling 29,767 shares during the period. Rafferty Asset Management LLC owned approximately 0.15% of Customers Bancorp worth $2,333,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CUBI. Wellington Management Group LLP grew its position in Customers Bancorp by 34.3% in the first quarter. Wellington Management Group LLP now owns 3,532,851 shares of the bank's stock worth $177,349,000 after acquiring an additional 902,406 shares in the last quarter. American Century Companies Inc. grew its position in Customers Bancorp by 7.3% in the first quarter. American Century Companies Inc. now owns 830,023 shares of the bank's stock worth $41,667,000 after acquiring an additional 56,251 shares in the last quarter. Nuveen LLC purchased a new position in Customers Bancorp in the first quarter worth about $26,652,000. Northern Trust Corp grew its position in Customers Bancorp by 19.1% in the fourth quarter. Northern Trust Corp now owns 381,684 shares of the bank's stock worth $18,580,000 after acquiring an additional 61,224 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Customers Bancorp by 11.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 317,584 shares of the bank's stock worth $16,127,000 after acquiring an additional 32,216 shares in the last quarter. Institutional investors own 89.29% of the company's stock.

Wall Street Analysts Forecast Growth

CUBI has been the subject of several recent research reports. B. Riley lifted their price target on Customers Bancorp from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. DA Davidson lifted their price target on Customers Bancorp from $69.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods lifted their price target on Customers Bancorp from $71.00 to $76.00 and gave the stock a "market perform" rating in a research report on Friday. Wall Street Zen raised shares of Customers Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Stephens raised their price objective on shares of Customers Bancorp from $55.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $69.88.

Customers Bancorp Trading Down 2.3%

Shares of NYSE CUBI traded down $1.64 during trading hours on Friday, reaching $68.32. The stock had a trading volume of 257,789 shares, compared to its average volume of 309,656. 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 firm has a market cap of $2.16 billion, a price-to-earnings ratio of 16.91 and a beta of 1.62. The business's fifty day moving average price is $65.18 and its two-hundred day moving average price is $55.69. Customers Bancorp, Inc has a 52-week low of $40.75 and a 52-week high of $72.51.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly 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 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%.Customers Bancorp's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.49 earnings per share. Analysts expect that Customers Bancorp, Inc will post 6.45 EPS for the current fiscal 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.