Los Angeles Capital Management LLC Takes $294,000 Position in Customers Bancorp, Inc. (NYSE:CUBI)

Los Angeles Capital Management LLC purchased a new position in Customers Bancorp, Inc. (NYSE:CUBI) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,321 shares of the bank’s stock, valued at approximately $294,000.

Other large investors also recently added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in Customers Bancorp in the 2nd quarter worth approximately $48,000. Innealta Capital LLC purchased a new position in Customers Bancorp in the 2nd quarter worth approximately $74,000. GAMMA Investing LLC lifted its holdings in Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after purchasing an additional 282 shares in the last quarter. CWM LLC lifted its holdings in Customers Bancorp by 14.2% in the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after purchasing an additional 274 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Customers Bancorp in the 2nd quarter worth approximately $151,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock opened at $54.87 on Monday. The stock’s fifty day moving average is $47.84 and its two-hundred day moving average is $49.31. The company has a market capitalization of $1.72 billion, a PE ratio of 8.91 and a beta of 1.61. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. Customers Bancorp, Inc. has a 52 week low of $42.31 and a 52 week high of $68.49.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The firm had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. During the same quarter in the prior year, the company posted $2.59 earnings per share. Customers Bancorp’s quarterly revenue was down 23.2% compared to the same quarter last year. As a group, analysts expect that Customers Bancorp, Inc. will post 5.63 earnings per share for the current year.

Analyst Ratings Changes

CUBI has been the topic of a number of research reports. DA Davidson lifted their price objective on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a research note on Friday, August 9th. Piper Sandler reduced their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. B. Riley lifted their price objective on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Stephens lifted their price objective on Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Customers Bancorp has an average rating of “Moderate Buy” and an average target price of $61.11.

Insiders Place Their Bets

In related news, CEO Jay S. Sidhu sold 860 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total transaction of $47,067.80. Following the completion of the sale, the chief executive officer now directly owns 1,189,738 shares in the company, valued at $65,114,360.74. This represents a 0.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Glenn Hedde sold 5,002 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the sale, the insider now owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,440 shares of company stock worth $5,210,695. 6.92% of the stock is currently owned by company insiders.

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.