Wedge Capital Management L L P NC Purchases 2,067 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

Wedge Capital Management L L P NC grew its position in Customers Bancorp, Inc. (NYSE:CUBI) by 4.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,341 shares of the bank’s stock after acquiring an additional 2,067 shares during the quarter. Wedge Capital Management L L P NC owned 0.17% of Customers Bancorp worth $2,524,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CUBI. Ridgewood Investments LLC bought a new position in Customers Bancorp in the second quarter worth $48,000. GAMMA Investing LLC raised its stake in shares of Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock valued at $73,000 after buying an additional 282 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Customers Bancorp during the 2nd quarter worth about $74,000. CWM LLC boosted its position in shares of Customers Bancorp by 14.2% during the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after acquiring an additional 274 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Customers Bancorp in the second quarter valued at about $151,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBI has been the topic of a number of recent research reports. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a report on Friday, August 9th. Keefe, Bruyette & Woods decreased their price target on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. B. Riley increased their price objective on Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Raymond James reduced 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 note on Wednesday, October 2nd. Finally, Jefferies Financial Group dropped their target price 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. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Customers Bancorp currently has an average rating of “Moderate Buy” and an average price target of $62.00.

Customers Bancorp Stock Performance

Customers Bancorp stock opened at $47.80 on Wednesday. The stock has a 50-day simple moving average of $47.73 and a 200 day simple moving average of $49.28. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 6.68 and a beta of 1.61. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75. Customers Bancorp, Inc. has a 12-month low of $31.16 and a 12-month high of $68.49.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.06. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The company had revenue of $198.69 million during the quarter, compared to the consensus estimate of $184.40 million. During the same period in the previous year, the firm posted $1.65 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. On average, research analysts anticipate that Customers Bancorp, Inc. will post 6.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Samvir S. Sidhu bought 2,500 shares of the stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $45.53 per share, with a total value of $113,825.00. Following the purchase, the chief executive officer now owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 6.92% of the company’s stock.

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.