Point72 Asset Management L.P. Makes New Investment in Customers Bancorp, Inc. (NYSE:CUBI)

Point72 Asset Management L.P. bought a new stake in Customers Bancorp, Inc. (NYSE:CUBI) during the 3rd quarter, Holdings Channel reports. The firm bought 4,795 shares of the bank’s stock, valued at approximately $223,000.

A number of other large investors also recently made changes to their positions in the company. Basswood Capital Management L.L.C. bought a new position in Customers Bancorp during the 3rd quarter worth $26,000. Ridgewood Investments LLC bought a new position in Customers Bancorp during the second quarter worth about $48,000. Innealta Capital LLC acquired a new stake in Customers Bancorp in the 2nd quarter worth about $74,000. GAMMA Investing LLC boosted 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 valued at $73,000 after purchasing an additional 282 shares during the period. Finally, Quest Partners LLC grew its position in shares of Customers Bancorp by 143.4% during the 3rd quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock worth $76,000 after purchasing an additional 962 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.

Insider Activity

In related news, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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. The trade was a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now directly owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. This represents a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,440 shares of company stock valued at $5,425,815. 6.92% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, December 1st. B. Riley upped their target price on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods raised their price target on Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler cut their price objective on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Raymond James dropped their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $62.22.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock opened at $53.01 on Friday. The company’s 50 day moving average price is $50.98 and its two-hundred day moving average price is $50.25. The firm has a market capitalization of $1.66 billion, a P/E ratio of 8.61 and a beta of 1.65. Customers Bancorp, Inc. has a fifty-two week low of $42.31 and a fifty-two week high of $68.49. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data 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 net margin of 15.22% and a return on equity of 13.55%. The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. During the same period last year, the business earned $2.59 EPS. The company’s revenue was down 23.2% compared to the same quarter last year. On average, equities analysts forecast 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.