Renaissance Technologies LLC Lowers Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

Renaissance Technologies LLC lessened its holdings in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 12.9% during the 2nd quarter, Holdings Channel reports. The firm owned 53,820 shares of the bank’s stock after selling 8,000 shares during the period. Renaissance Technologies LLC’s holdings in Customers Bancorp were worth $2,582,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Ridgewood Investments LLC purchased a new stake in Customers Bancorp during the 2nd quarter valued at approximately $48,000. Innealta Capital LLC bought a new position in shares of Customers Bancorp during the second quarter worth $74,000. Ashton Thomas Private Wealth LLC purchased a new position in Customers Bancorp during the second quarter valued at $151,000. Capstone Investment Advisors LLC bought a new stake in Customers Bancorp in the 1st quarter valued at $220,000. Finally, ProShare Advisors LLC lifted its stake in Customers Bancorp by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 5,763 shares of the bank’s stock worth $306,000 after purchasing an additional 398 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reduced their target price on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. DA Davidson raised their target price on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Hovde Group downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research note on Friday, August 9th. Finally, Jefferies Financial Group lowered their price objective on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.25.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, CEO Samvir S. Sidhu bought 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average cost of $45.53 per share, for a total transaction of $113,825.00. Following the completion of the transaction, the chief executive officer now owns 144,504 shares in the company, valued at $6,579,267.12. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 6.92% of the stock is currently owned by corporate insiders.

Customers Bancorp Price Performance

Customers Bancorp stock opened at $44.31 on Wednesday. Customers Bancorp, Inc. has a 12-month low of $31.16 and a 12-month high of $68.49. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average price of $51.15 and a 200-day moving average price of $49.77. The firm has a market capitalization of $1.40 billion, a PE ratio of 6.19 and a beta of 1.62.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.06. The business had revenue of $198.69 million during the quarter, compared to analyst estimates of $184.40 million. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.65 earnings per share. As a group, equities research analysts forecast that Customers Bancorp, Inc. will post 6.34 EPS for the current 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.