Franklin Resources Inc. Raises Stock Position in Customers Bancorp, Inc. (NYSE:CUBI)

Franklin Resources Inc. lifted its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 3.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,515 shares of the bank’s stock after buying an additional 2,060 shares during the period. Franklin Resources Inc. owned approximately 0.20% of Customers Bancorp worth $3,011,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CUBI. Basswood Capital Management L.L.C. purchased a new stake in Customers Bancorp in the third quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in Customers Bancorp in the 2nd quarter valued at $48,000. Innealta Capital LLC acquired a new stake in Customers Bancorp during the 2nd quarter worth $74,000. GAMMA Investing LLC grew its position in Customers Bancorp by 21.7% during 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 during the last quarter. Finally, Quest Partners LLC increased its stake in Customers Bancorp by 143.4% in the third quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock valued at $76,000 after purchasing an additional 962 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the transaction, the insider now owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the sale, the director now owns 4,567 shares in the company, valued at $245,613.26. This represents a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,440 shares of company stock valued at $5,425,815 in the last 90 days. 6.92% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Stephens upped their price target 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. Keefe, Bruyette & Woods lifted their price objective on shares of Customers Bancorp from $52.00 to $62.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Wedbush downgraded shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Finally, B. Riley lifted their target price on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 4th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $62.22.

Customers Bancorp Trading Up 1.2 %

Shares of CUBI opened at $48.62 on Thursday. Customers Bancorp, Inc. has a twelve month low of $42.31 and a twelve month high of $68.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $1.52 billion, a P/E ratio of 7.89 and a beta of 1.65. The firm’s 50-day moving average is $51.56 and its two-hundred day moving average is $50.64.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). The firm had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The business’s revenue was down 23.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.59 EPS. On average, research analysts predict that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Customers Bancorp 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.