Bank of New York Mellon Corp Sells 792 Shares of Customers Bancorp, Inc $CUBI

Bank of New York Mellon Corp lessened its stake in shares of Customers Bancorp, Inc (NYSE:CUBI) by 0.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 220,460 shares of the bank’s stock after selling 792 shares during the period. Bank of New York Mellon Corp owned 0.70% of Customers Bancorp worth $12,950,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in shares of Customers Bancorp by 7.3% in the first quarter. Envestnet Asset Management Inc. now owns 19,075 shares of the bank’s stock worth $958,000 after purchasing an additional 1,298 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Customers Bancorp by 25.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,782 shares of the bank’s stock valued at $340,000 after purchasing an additional 1,396 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Customers Bancorp by 34.9% in the 1st quarter. Allianz Asset Management GmbH now owns 8,500 shares of the bank’s stock valued at $427,000 after purchasing an additional 2,200 shares during the last quarter. Readystate Asset Management LP lifted its stake in Customers Bancorp by 25.4% in the 1st quarter. Readystate Asset Management LP now owns 7,798 shares of the bank’s stock valued at $391,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Royce & Associates LP grew its stake in shares of Customers Bancorp by 3.5% during the first quarter. Royce & Associates LP now owns 261,506 shares of the bank’s stock worth $13,128,000 after buying an additional 8,916 shares during the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods increased their price target on Customers Bancorp from $76.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, October 27th. Cowen restated a “buy” rating on shares of Customers Bancorp in a report on Monday, October 27th. Hovde Group boosted their target price on shares of Customers Bancorp from $70.00 to $75.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. B. Riley reaffirmed a “buy” rating on shares of Customers Bancorp in a research note on Monday, October 27th. Finally, Wall Street Zen upgraded shares of Customers Bancorp from a “hold” rating to a “buy” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.88.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, Director Bernard Bennett Banks sold 9,000 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $66.93, for a total value of $602,370.00. Following the transaction, the director directly owned 7,524 shares of the company’s stock, valued at approximately $503,581.32. This trade represents a 54.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay S. Sidhu sold 24,784 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $68.05, for a total transaction of $1,686,551.20. Following the sale, the chief executive officer directly owned 928,217 shares of the company’s stock, valued at approximately $63,165,166.85. The trade was a 2.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 73,336 shares of company stock worth $4,983,184. Corporate insiders own 6.92% of the company’s stock.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $64.30 on Wednesday. The firm has a 50 day moving average of $66.26 and a 200-day moving average of $62.10. Customers Bancorp, Inc has a 52 week low of $40.75 and a 52 week high of $72.51. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 13.04 and a beta of 1.64. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.67.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Monday, September 8th. The bank reported $1.80 earnings per share (EPS) for the quarter. Customers Bancorp had a net margin of 12.43% and a return on equity of 13.24%. The company had revenue of $206.82 million for the quarter. On average, equities analysts forecast that Customers Bancorp, Inc will post 6.45 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.