Bank of New York Mellon Corp Cuts Stock Position in Customers Bancorp, Inc (NYSE:CUBI)

Bank of New York Mellon Corp lessened its position in shares of Customers Bancorp, Inc (NYSE:CUBI) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,252 shares of the bank’s stock after selling 7,780 shares during the quarter. Bank of New York Mellon Corp owned about 0.70% of Customers Bancorp worth $11,107,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CUBI. Hood River Capital Management LLC increased its position in shares of Customers Bancorp by 40.1% during the fourth quarter. Hood River Capital Management LLC now owns 1,470,951 shares of the bank’s stock worth $71,606,000 after purchasing an additional 421,335 shares in the last quarter. American Century Companies Inc. grew its stake in Customers Bancorp by 5.9% during the 4th quarter. American Century Companies Inc. now owns 773,772 shares of the bank’s stock worth $37,667,000 after buying an additional 42,965 shares during the last quarter. JPMorgan Chase & Co. increased its position in Customers Bancorp by 33.1% during the 4th quarter. JPMorgan Chase & Co. now owns 429,572 shares of the bank’s stock valued at $20,912,000 after buying an additional 106,895 shares in the last quarter. Northern Trust Corp raised its stake in Customers Bancorp by 19.1% in the fourth quarter. Northern Trust Corp now owns 381,684 shares of the bank’s stock valued at $18,580,000 after buying an additional 61,224 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Customers Bancorp by 11.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 317,584 shares of the bank’s stock valued at $16,127,000 after buying an additional 32,216 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Performance

CUBI opened at $64.06 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.76. Customers Bancorp, Inc has a 12-month low of $40.75 and a 12-month high of $68.49. The firm has a 50 day moving average of $56.04 and a two-hundred day moving average of $52.66. The firm has a market capitalization of $2.02 billion, a PE ratio of 16.14 and a beta of 1.55.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, April 24th. The bank reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.26. Customers Bancorp had a net margin of 10.51% and a return on equity of 11.64%. The company had revenue of $194.28 million during the quarter, compared to the consensus estimate of $165.24 million. During the same period in the previous year, the firm posted $1.68 earnings per share. On average, analysts anticipate that Customers Bancorp, Inc will post 6.45 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on CUBI. Wall Street Zen upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a report on Friday. B. Riley boosted their target price on shares of Customers Bancorp from $81.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Customers Bancorp from $65.00 to $70.00 and gave the stock a “market perform” rating in a report on Friday, July 11th. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.33.

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.