State Street Corp Increases Stock Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

State Street Corp raised its position in Customers Bancorp, Inc. (NYSE:CUBI - Free Report) by 10.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,781,976 shares of the bank's stock after acquiring an additional 169,982 shares during the quarter. State Street Corp owned approximately 5.68% of Customers Bancorp worth $82,773,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SummerHaven Investment Management LLC boosted its position in shares of Customers Bancorp by 1.7% during the 2nd quarter. SummerHaven Investment Management LLC now owns 20,723 shares of the bank's stock worth $994,000 after acquiring an additional 341 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Customers Bancorp by 2.1% in the second quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the bank's stock valued at $686,000 after purchasing an additional 300 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Customers Bancorp by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 261,907 shares of the bank's stock worth $12,566,000 after purchasing an additional 829 shares in the last quarter. Ridgewood Investments LLC purchased a new stake in shares of Customers Bancorp during the 2nd quarter worth approximately $48,000. Finally, Innealta Capital LLC acquired a new position in shares of Customers Bancorp in the 2nd quarter valued at $74,000. Institutional investors and hedge funds own 89.29% of the company's stock.

Wall Street Analyst Weigh In

CUBI has been the subject of a number of research reports. Wedbush cut shares of Customers Bancorp from an "outperform" rating to a "neutral" rating and reduced their price target for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. StockNews.com raised Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, December 1st. Keefe, Bruyette & Woods raised their price target on Customers Bancorp from $52.00 to $62.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Piper Sandler reduced their price objective on Customers Bancorp from $61.00 to $55.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. Finally, Raymond James lowered their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, October 2nd. Six 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, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $62.22.

Customers Bancorp Stock Performance

NYSE:CUBI traded down $1.86 during midday trading on Tuesday, reaching $51.49. The stock had a trading volume of 325,841 shares, compared to its average volume of 363,865. The stock has a market cap of $1.61 billion, a P/E ratio of 8.36 and a beta of 1.65. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. Customers Bancorp, Inc. has a 12-month low of $42.31 and a 12-month high of $68.49. The firm has a fifty day simple moving average of $51.30 and a two-hundred day simple moving average of $50.45.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.09). The firm had revenue of $167.10 million during the quarter, compared to analysts' expectations of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The firm's revenue was down 23.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.59 EPS. On average, equities analysts expect that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Insiders Place Their Bets

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total transaction of $268,507.36. Following the transaction, the insider now directly owns 66,256 shares in the company, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jay S. Sidhu sold 86,578 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of the transaction, the chief executive officer now directly owns 1,090,598 shares of the company's stock, valued at approximately $61,662,410.92. This trade represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,440 shares of company stock worth $5,425,815. Company insiders own 6.92% of the company's stock.

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.