Cornercap Investment Counsel Inc. Takes Position in Customers Bancorp, Inc. (NYSE:CUBI)

Cornercap Investment Counsel Inc. acquired a new stake in Customers Bancorp, Inc. (NYSE:CUBI) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 21,755 shares of the bank’s stock, valued at approximately $1,254,000. Cornercap Investment Counsel Inc. owned approximately 0.07% of Customers Bancorp as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CUBI. State Street Corp increased its stake in Customers Bancorp by 56.3% during the 1st quarter. State Street Corp now owns 2,282,972 shares of the bank’s stock valued at $119,034,000 after purchasing an additional 822,072 shares in the last quarter. Wellington Management Group LLP increased its stake in Customers Bancorp by 28.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock valued at $73,454,000 after purchasing an additional 475,907 shares in the last quarter. Millennium Management LLC boosted its holdings in Customers Bancorp by 722.1% during the 4th quarter. Millennium Management LLC now owns 380,320 shares of the bank’s stock worth $10,778,000 after acquiring an additional 334,057 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Customers Bancorp by 37.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,067,489 shares of the bank’s stock worth $36,775,000 after acquiring an additional 288,975 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in Customers Bancorp by 4.6% during the 1st quarter. BlackRock Inc. now owns 4,837,269 shares of the bank’s stock worth $252,216,000 after acquiring an additional 214,065 shares during the last quarter. Institutional investors own 89.29% of the company’s stock.

Insider Buying and Selling at Customers Bancorp

In other news, insider Glenn Hedde sold 666 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction of $36,097.20. Following the completion of the sale, the insider now owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the sale, the insider now owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Carla A. Leibold sold 35,832 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the sale, the chief financial officer now directly owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. Company insiders own 9.40% of the company’s stock.

Customers Bancorp Price Performance

Shares of CUBI stock traded down $2.30 during trading on Monday, hitting $46.72. The company had a trading volume of 109,260 shares, compared to its average volume of 282,219. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.92. The stock’s 50-day moving average is $52.17 and its two-hundred day moving average is $48.16. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 6.71 and a beta of 1.67. Customers Bancorp, Inc. has a 52 week low of $15.80 and a 52 week high of $60.09.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. Customers Bancorp had a net margin of 17.23% and a return on equity of 18.75%. The business had revenue of $191.18 million for the quarter, compared to analysts’ expectations of $187.87 million. As a group, analysts predict that Customers Bancorp, Inc. will post 6.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CUBI. Wedbush cut their price objective on shares of Customers Bancorp from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Raymond James boosted their price target on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. Jefferies Financial Group boosted their price target on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, B. Riley boosted their price target on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.86.

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.