Raymond James & Associates Invests $295,000 in Customers Bancorp, Inc. (NYSE:CUBI)

Raymond James & Associates bought a new position in shares of Customers Bancorp, Inc. (NYSE:CUBI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,748 shares of the bank’s stock, valued at approximately $295,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its position in Customers Bancorp by 56.3% in the 1st quarter. State Street Corp now owns 2,282,972 shares of the bank’s stock valued at $119,034,000 after acquiring an additional 822,072 shares during the period. Millennium Management LLC increased its position in Customers Bancorp by 722.1% in the 4th quarter. Millennium Management LLC now owns 380,320 shares of the bank’s stock valued at $10,778,000 after acquiring an additional 334,057 shares during the period. Portolan Capital Management LLC acquired a new position in Customers Bancorp in the 1st quarter valued at about $4,866,000. Toroso Investments LLC increased its position in Customers Bancorp by 74.6% in the 1st quarter. Toroso Investments LLC now owns 572,996 shares of the bank’s stock valued at $10,612,000 after acquiring an additional 244,730 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Customers Bancorp by 614.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 279,540 shares of the bank’s stock valued at $8,459,000 after acquiring an additional 240,409 shares during the period. Institutional investors and hedge funds own 82.12% of the company’s stock.

Insider Buying and Selling

In related news, CAO Jessie John Deano Velasquez sold 1,364 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $44.35, for a total value of $60,493.40. Following the sale, the chief accounting officer now owns 3,644 shares in the company, valued at approximately $161,611.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Customers Bancorp news, CEO Jay S. Sidhu sold 100,000 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $39.42, for a total transaction of $3,942,000.00. Following the sale, the chief executive officer now owns 1,278,124 shares in the company, valued at approximately $50,383,648.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jessie John Deano Velasquez sold 1,364 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $44.35, for a total value of $60,493.40. Following the sale, the chief accounting officer now owns 3,644 shares in the company, valued at approximately $161,611.40. The disclosure for this sale can be found here. Insiders have sold a total of 169,223 shares of company stock worth $6,697,946 in the last quarter. Company insiders own 9.40% of the company’s stock.

Customers Bancorp Stock Performance

CUBI opened at $41.36 on Friday. The stock has a market cap of $1.29 billion, a P/E ratio of 6.58 and a beta of 1.60. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.92 and a quick ratio of 0.91. The stock’s 50 day simple moving average is $35.19 and its 200 day simple moving average is $32.07. Customers Bancorp, Inc. has a 1-year low of $6.87 and a 1-year high of $45.62.

Wall Street Analysts Forecast Growth

CUBI has been the topic of several recent research reports. DA Davidson boosted their price target on Customers Bancorp from $42.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, July 31st. StockNews.com began coverage on Customers Bancorp in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Maxim Group increased their target price on Customers Bancorp from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, July 31st. Raymond James began coverage on Customers Bancorp in a research note on Thursday, September 28th. They set a “strong-buy” rating and a $60.00 target price for the company. Finally, Piper Sandler increased their target price on Customers Bancorp from $40.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, November 2nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.63.

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.