Renaissance Technologies LLC Sells 8,000 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

Renaissance Technologies LLC lessened its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 12.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,820 shares of the bank’s stock after selling 8,000 shares during the period. Renaissance Technologies LLC owned approximately 0.17% of Customers Bancorp worth $2,582,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. DA Davidson upped their price objective on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. Jefferies Financial Group decreased their target price on Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. B. Riley raised their price target on shares of Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Hovde Group lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target for the company. in a research note on Friday, August 9th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.25.

Insider Buying and Selling at Customers Bancorp

In related news, CEO Samvir S. Sidhu acquired 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average price of $45.53 per share, with a total value of $113,825.00. Following the completion of the purchase, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at $6,579,267.12. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.92% of the stock is currently owned by corporate insiders.

Customers Bancorp Stock Performance

CUBI opened at $44.31 on Wednesday. The company’s 50 day moving average is $51.15 and its 200 day moving average is $49.77. 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 company has a market cap of $1.40 billion, a price-to-earnings ratio of 6.19 and a beta of 1.62. Customers Bancorp, Inc. has a 12-month low of $31.16 and a 12-month high of $68.49.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.06. The business had revenue of $198.69 million for the quarter, compared to analysts’ expectations of $184.40 million. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 EPS. On average, equities research analysts predict that Customers Bancorp, Inc. will post 6.34 EPS for the current year.

About Customers Bancorp

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.