Rhumbline Advisers Sells 3,810 Shares of Customers Bancorp, Inc $CUBI

Key Points

• Rhumbline Advisers reduced its stake in Customers Bancorp, Inc by 4.2%, selling 3,810 shares to own a total of 87,638 shares valued at approximately $4.4 million.
• Institutional investors own 89.29% of Customers Bancorp, with several firms, including EP Wealth Advisors and Royal Bank of Canada, increasing their positions in the bank's stock during the first quarter.
• Wall Street analysts have raised price objectives for Customers Bancorp, with an average target of $69.88, reflecting a consensus rating of "Moderate Buy."

Rhumbline Advisers cut its holdings in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 4.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,638 shares of the bank's stock after selling 3,810 shares during the quarter. Rhumbline Advisers owned 0.28% of Customers Bancorp worth $4,399,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp bought a new position in Customers Bancorp in the 1st quarter valued at approximately $37,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Customers Bancorp during the 4th quarter valued at $46,000. GAMMA Investing LLC lifted its holdings in shares of Customers Bancorp by 27.2% during the 1st quarter. GAMMA Investing LLC now owns 1,887 shares of the bank's stock valued at $95,000 after buying an additional 403 shares during the period. Ground Swell Capital LLC bought a new position in shares of Customers Bancorp during the 1st quarter valued at $208,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Customers Bancorp during the 1st quarter valued at $219,000. 89.29% of the stock is owned by institutional investors.

Customers Bancorp Price Performance

Shares of CUBI stock traded down $1.78 during trading hours on Friday, hitting $66.60. The stock had a trading volume of 836,796 shares, compared to its average volume of 411,044. Customers Bancorp, Inc has a one year low of $40.75 and a one year high of $72.51. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The stock's 50-day moving average price is $66.10 and its two-hundred day moving average price is $56.72. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 16.49 and a beta of 1.62.

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, topping the consensus estimate of $1.50 by $0.30. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%.The firm had revenue of $206.31 million for the quarter, compared to analysts' expectations of $170.81 million. During the same period in the previous year, the firm posted $1.49 earnings per share. The business's revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast that Customers Bancorp, Inc will post 6.45 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CUBI. Stephens increased their price target on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods increased their price target on Customers Bancorp from $71.00 to $76.00 and gave the company a "market perform" rating in a report on Friday, September 5th. B. Riley increased 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. DA Davidson raised their target price 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 raised Customers Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. 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 company. According to data from MarketBeat.com, Customers Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.88.

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.