BNP Paribas Financial Markets Sells 31,404 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

BNP Paribas Financial Markets cut its holdings in Customers Bancorp, Inc. (NYSE:CUBI) by 38.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,459 shares of the bank’s stock after selling 31,404 shares during the period. BNP Paribas Financial Markets owned 0.16% of Customers Bancorp worth $2,850,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CUBI. Wellington Management Group LLP boosted its holdings in Customers Bancorp by 28.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock worth $73,454,000 after buying an additional 475,907 shares during the period. Access Investment Management LLC bought a new position in Customers Bancorp in the 4th quarter worth approximately $16,194,000. Federated Hermes Inc. boosted its holdings in Customers Bancorp by 3,784.1% in the 4th quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock worth $7,963,000 after buying an additional 134,638 shares during the period. Assenagon Asset Management S.A. lifted its stake in Customers Bancorp by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock worth $10,554,000 after purchasing an additional 91,311 shares in the last quarter. Finally, Quantedge Capital Pte Ltd purchased a new stake in Customers Bancorp in the 3rd quarter worth approximately $2,181,000. 89.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CUBI has been the topic of several recent analyst reports. B. Riley increased their target price 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. Hovde Group lowered their target price on shares of Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, May 2nd. Jefferies Financial Group increased their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Raymond James increased their target price on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Finally, Wedbush lowered their price objective on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $61.50.

Insider Activity at Customers Bancorp

In related news, insider Glenn Hedde sold 666 shares of the stock in a transaction on 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 SEC, which is available through the SEC website. In other Customers Bancorp news, CFO Carla A. Leibold sold 35,832 shares of the firm’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 sale, 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 is available through this hyperlink. Also, insider Glenn Hedde sold 666 shares of the firm’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 completion of the sale, 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. 6.92% of the stock is owned by insiders.

Customers Bancorp Price Performance

CUBI stock opened at $47.23 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.93. Customers Bancorp, Inc. has a 52 week low of $22.58 and a 52 week high of $60.09. The firm’s fifty day moving average is $49.44 and its 200 day moving average is $50.63. The firm has a market cap of $1.49 billion, a P/E ratio of 6.60 and a beta of 1.67.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, beating the consensus estimate of $1.63 by $0.05. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.17%. The company had revenue of $181.62 million for the quarter, compared to analyst estimates of $183.48 million. During the same quarter last year, the firm earned $1.58 EPS. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. Research analysts predict that Customers Bancorp, Inc. will post 6.44 earnings per share for the current year.

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.