SRN Advisors LLC Acquires 15,343 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

SRN Advisors LLC lifted its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 135.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,652 shares of the bank’s stock after acquiring an additional 15,343 shares during the period. SRN Advisors LLC owned approximately 0.08% of Customers Bancorp worth $1,238,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Hood River Capital Management LLC lifted its stake in Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after purchasing an additional 266,462 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock worth $22,284,000 after buying an additional 225,785 shares in the last quarter. Peregrine Capital Management LLC bought a new stake in Customers Bancorp during the second quarter valued at $7,690,000. Vanguard Group Inc. grew its position in Customers Bancorp by 5.4% during the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after buying an additional 111,654 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Customers Bancorp by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock worth $32,954,000 after acquiring an additional 87,557 shares during the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. DA Davidson lifted their price target 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 shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Jefferies Financial Group lowered their price objective on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods cut their target price on shares of Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, B. Riley raised their price target on Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Insider Activity at Customers Bancorp

In related news, CEO Samvir S. Sidhu purchased 2,500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were acquired 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 directly owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 6.92% of the stock is currently owned by company insiders.

Customers Bancorp Price Performance

CUBI stock opened at $44.47 on Friday. The firm has a market cap of $1.40 billion, a P/E ratio of 6.21 and a beta of 1.61. The firm’s fifty day moving average is $47.55 and its 200 day moving average is $49.00. Customers Bancorp, Inc. has a 52 week low of $32.39 and a 52 week high of $68.49. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 0.93.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.06. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The firm had revenue of $198.69 million for the quarter, compared to analysts’ expectations of $184.40 million. During the same period last year, the firm earned $1.65 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. Research analysts predict that Customers Bancorp, Inc. will post 6.11 earnings per share 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.