Cubist Systematic Strategies LLC acquired a new stake in Customers Bancorp Inc (NYSE:CUBI) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 12,788 shares of the bank’s stock, valued at approximately $269,000.
A number of other large investors have also made changes to their positions in the business. Morgan Stanley grew its stake in Customers Bancorp by 463.3% in the 2nd quarter. Morgan Stanley now owns 129,926 shares of the bank’s stock valued at $2,729,000 after purchasing an additional 106,859 shares during the period. Bank of America Corp DE grew its stake in Customers Bancorp by 29.5% in the 2nd quarter. Bank of America Corp DE now owns 29,751 shares of the bank’s stock valued at $625,000 after purchasing an additional 6,786 shares during the period. Assetmark Inc. grew its stake in Customers Bancorp by 7.0% in the 2nd quarter. Assetmark Inc. now owns 15,001 shares of the bank’s stock valued at $315,000 after purchasing an additional 984 shares during the period. Kempen Capital Management N.V. grew its stake in Customers Bancorp by 17.1% in the 2nd quarter. Kempen Capital Management N.V. now owns 3,705 shares of the bank’s stock valued at $78,000 after purchasing an additional 540 shares during the period. Finally, Invesco Ltd. grew its stake in Customers Bancorp by 338.7% in the 2nd quarter. Invesco Ltd. now owns 640,090 shares of the bank’s stock valued at $13,442,000 after purchasing an additional 494,195 shares during the period. Hedge funds and other institutional investors own 79.88% of the company’s stock.
A number of brokerages have issued reports on CUBI. Zacks Investment Research downgraded Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Maxim Group restated a “buy” rating and issued a $38.00 price objective on shares of Customers Bancorp in a research note on Wednesday, July 10th. Finally, Sandler O’Neill downgraded Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $27.95.
Shares of NYSE CUBI traded up $0.33 during trading on Monday, reaching $20.33. 4,003 shares of the stock traded hands, compared to its average volume of 119,839. Customers Bancorp Inc has a 52-week low of $16.72 and a 52-week high of $23.16. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.12 and a quick ratio of 1.12. The company has a 50-day moving average of $19.86 and a 200-day moving average of $20.24. The stock has a market capitalization of $623.98 million, a P/E ratio of 8.24, a price-to-earnings-growth ratio of 0.90 and a beta of 1.06.
Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Customers Bancorp had a return on equity of 9.54% and a net margin of 10.13%. The firm had revenue of $64.68 million for the quarter, compared to analysts’ expectations of $64.51 million. During the same quarter in the prior year, the firm earned $0.73 EPS. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. Analysts expect that Customers Bancorp Inc will post 2.15 earnings per share for the current fiscal year.
In other news, insider James T. Collins sold 5,500 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $20.61, for a total transaction of $113,355.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 9.54% of the stock is owned by corporate insiders.
Customers Bancorp Company Profile
Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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