Raymond James & Associates Buys 20,892 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

Raymond James & Associates boosted its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 223.3% in the fourth quarter, HoldingsChannel reports. The firm owned 30,248 shares of the bank’s stock after acquiring an additional 20,892 shares during the period. Raymond James & Associates’ holdings in Customers Bancorp were worth $1,743,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. SevenOneSeven Capital Management increased its holdings in Customers Bancorp by 3.8% during the fourth quarter. SevenOneSeven Capital Management now owns 8,713 shares of the bank’s stock valued at $247,000 after buying an additional 315 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Customers Bancorp by 3.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,783 shares of the bank’s stock worth $366,000 after purchasing an additional 328 shares during the period. Great West Life Assurance Co. Can lifted its position in Customers Bancorp by 1.5% during the first quarter. Great West Life Assurance Co. Can now owns 26,354 shares of the bank’s stock valued at $1,410,000 after purchasing an additional 398 shares in the last quarter. Legal & General Group Plc grew its holdings in Customers Bancorp by 0.7% during the second quarter. Legal & General Group Plc now owns 73,595 shares of the bank’s stock valued at $2,495,000 after purchasing an additional 486 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its position in Customers Bancorp by 5.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 9,860 shares of the bank’s stock worth $299,000 after buying an additional 535 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Price Performance

Customers Bancorp stock opened at $46.45 on Thursday. The firm has a 50-day moving average price of $51.91 and a 200-day moving average price of $48.33. The firm has a market capitalization of $1.46 billion, a PE ratio of 6.35 and a beta of 1.67. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.92. Customers Bancorp, Inc. has a 12-month low of $15.80 and a 12-month high of $60.09.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, January 25th. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. Customers Bancorp had a net margin of 17.23% and a return on equity of 18.75%. The company had revenue of $191.18 million during the quarter, compared to analyst estimates of $187.87 million. As a group, equities research analysts forecast that Customers Bancorp, Inc. will post 6.85 EPS for the current year.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were 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 approximately $3,762,997.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction that occurred 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 owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 69,428 shares in the company, valued at approximately $3,762,997.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Raymond James lifted their price objective on Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a research report on Monday, January 29th. Jefferies Financial Group lifted their price target on shares of Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a report on Monday, April 8th. B. Riley increased their price objective on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Finally, Wedbush lowered their target price on shares of Customers Bancorp from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, January 26th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.86.

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.