Putnam Investments LLC grew its position in shares of Customers Bancorp, Inc. (NYSE:CUBI – Get Rating) by 17.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 43,279 shares of the bank’s stock after buying an additional 6,335 shares during the period. Putnam Investments LLC’s holdings in Customers Bancorp were worth $1,276,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Customers Bancorp by 4.6% during the first quarter. BlackRock Inc. now owns 4,837,269 shares of the bank’s stock valued at $252,216,000 after acquiring an additional 214,065 shares in the last quarter. State Street Corp boosted its position in shares of Customers Bancorp by 56.3% during the first quarter. State Street Corp now owns 2,282,972 shares of the bank’s stock valued at $119,034,000 after buying an additional 822,072 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Customers Bancorp by 2.0% during the first quarter. Vanguard Group Inc. now owns 1,948,419 shares of the bank’s stock valued at $101,591,000 after buying an additional 37,717 shares during the last quarter. Basswood Capital Management L.L.C. boosted its position in shares of Customers Bancorp by 25.1% during the second quarter. Basswood Capital Management L.L.C. now owns 1,055,123 shares of the bank’s stock valued at $35,769,000 after buying an additional 211,732 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Customers Bancorp by 9.4% during the third quarter. Victory Capital Management Inc. now owns 972,372 shares of the bank’s stock valued at $28,666,000 after buying an additional 83,267 shares during the last quarter. Institutional investors own 84.33% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on CUBI shares. DA Davidson reaffirmed a “buy” rating on shares of Customers Bancorp in a research report on Wednesday, December 21st. Stephens set a $45.00 target price on Customers Bancorp in a research report on Wednesday, November 23rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.50.
Customers Bancorp Stock Down 23.8 %
Customers Bancorp (NYSE:CUBI – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The bank reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.47). Customers Bancorp had a return on equity of 21.40% and a net margin of 24.85%. The business had revenue of $142.48 million during the quarter, compared to analysts’ expectations of $169.85 million. Analysts expect that Customers Bancorp, Inc. will post 5.35 EPS for the current year.
Insider Buying and Selling at Customers Bancorp
In other news, CEO Jay S. Sidhu bought 45,450 shares of the stock in a transaction on Monday, March 13th. The shares were purchased at an average cost of $11.00 per share, for a total transaction of $499,950.00. Following the completion of the purchase, the chief executive officer now directly owns 1,167,626 shares in the company, valued at approximately $12,843,886. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.75% of the company’s stock.
About Customers Bancorp
Customers Bancorp, Inc operates as a bank holding company, which engages in the provision of banking services through its subsidiary, Customers Bank. It operates through the Customers Bank Business Banking and BankMobile segments. The Customers Bank Business Banking segment includes commercial customers in Southeastern Pennsylvania, New York, New Jersey, Massachusetts, Rhode Island, New Hampshire, Washington, DC, and Illinois through a single-point-of-contact business model and provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies.
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