New York State Teachers Retirement System Sells 1,079 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

New York State Teachers Retirement System cut its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,392 shares of the bank’s stock after selling 1,079 shares during the period. New York State Teachers Retirement System’s holdings in Customers Bancorp were worth $2,155,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Advisors Preferred LLC bought a new stake in Customers Bancorp in the fourth quarter valued at $1,297,000. Sageworth Trust Co bought a new stake in Customers Bancorp in the fourth quarter valued at $314,000. Assenagon Asset Management S.A. grew its position in Customers Bancorp by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock valued at $10,554,000 after acquiring an additional 91,311 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in Customers Bancorp by 458.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 49,083 shares of the bank’s stock valued at $2,828,000 after acquiring an additional 40,287 shares during the period. Finally, Raymond James & Associates grew its position in Customers Bancorp by 223.3% in the fourth quarter. Raymond James & Associates now owns 30,248 shares of the bank’s stock valued at $1,743,000 after acquiring an additional 20,892 shares during the period. 89.29% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Glenn Hedde sold 666 shares of the company’s stock in a transaction 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 transaction, 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 available at this hyperlink. In other news, insider Glenn Hedde sold 666 shares of the company’s stock in a transaction 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 transaction, 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 available at this hyperlink. Also, CFO Carla A. Leibold sold 35,832 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by insiders.

Customers Bancorp Price Performance

Shares of CUBI stock opened at $46.32 on Wednesday. The stock’s fifty day moving average is $51.99 and its 200-day moving average is $48.35. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.91 and a current ratio of 0.93. The stock has a market capitalization of $1.46 billion, a PE ratio of 6.34 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.14. Customers Bancorp had a return on equity of 18.75% and a net margin of 17.23%. The business had revenue of $191.18 million for the quarter, compared to analyst estimates of $187.87 million. Equities research analysts expect that Customers Bancorp, Inc. will post 6.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Jefferies Financial Group upped their price target on Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, April 8th. B. Riley upped their price target on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, January 29th. Raymond James increased their target price on Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. Finally, Wedbush decreased their target price on Customers Bancorp from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently 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.