Raymond James Financial Inc. Purchases 49,755 Shares of Customers Bancorp, Inc $CUBI

Key Points

• Raymond James Financial Inc. increased its holdings in Customers Bancorp by 95.2%, acquiring an additional 49,755 shares in the first quarter, bringing its total ownership to approximately $5.1 million.
• Several institutional investors, including Millennium Management and GAMMA Investing LLC, significantly increased their stakes in Customers Bancorp, reflecting a strong interest among institutional investors.
• Analyst upgrades from firms like DA Davidson and B. Riley have raised the target price for Customers Bancorp, indicating a positive outlook and a consensus rating of "Moderate Buy."

Raymond James Financial Inc. increased its holdings in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 95.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 101,999 shares of the bank's stock after buying an additional 49,755 shares during the quarter. Raymond James Financial Inc. owned 0.32% of Customers Bancorp worth $5,120,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hsbc Holdings PLC bought a new stake in Customers Bancorp during the 4th quarter worth approximately $202,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Customers Bancorp by 11.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 21,720 shares of the bank's stock valued at $1,058,000 after buying an additional 2,194 shares during the period. Northern Trust Corp increased its position in shares of Customers Bancorp by 19.1% during 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. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Customers Bancorp during the fourth quarter worth $443,000. Finally, Jane Street Group LLC raised its holdings in shares of Customers Bancorp by 109.8% during the fourth quarter. Jane Street Group LLC now owns 77,302 shares of the bank's stock worth $3,763,000 after acquiring an additional 40,449 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CUBI. B. Riley upped their target price on shares of 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 lifted their target price on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods boosted their price objective on shares of Customers Bancorp from $71.00 to $76.00 and gave the stock a "market perform" rating in a research note on Friday, September 5th. Stephens increased 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. Finally, Wall Street Zen upgraded shares of Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Customers Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.88.

Customers Bancorp Trading Up 1.8%

Shares of CUBI traded up $1.23 during mid-day trading on Wednesday, reaching $68.61. 413,015 shares of the company were exchanged, compared to its average volume of 364,015. The business has a 50 day simple moving average of $65.70 and a two-hundred day simple moving average of $56.03. 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 stock has a market capitalization of $2.17 billion, a PE ratio of 16.98 and a beta of 1.62. 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 released its quarterly earnings results on Thursday, July 24th. The bank reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.30. Customers Bancorp had a net margin of 10.77% and a return on equity of 11.98%. The firm had revenue of $206.31 million during the quarter, compared to analyst estimates of $170.81 million. During the same quarter last year, the business earned $1.49 EPS. The company's revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

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.