Basswood Capital Management L.L.C. Invests $26,000 in Customers Bancorp, Inc. (NYSE:CUBI)

Basswood Capital Management L.L.C. purchased a new position in shares of Customers Bancorp, Inc. (NYSE:CUBI) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 561 shares of the bank’s stock, valued at approximately $26,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CUBI. Ridgewood Investments LLC acquired a new stake in shares of Customers Bancorp during the 2nd quarter valued at $48,000. GAMMA Investing LLC boosted its position in Customers Bancorp by 21.7% during the third 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 last quarter. Innealta Capital LLC purchased a new position in Customers Bancorp in the second quarter valued at about $74,000. Quest Partners LLC increased its position in Customers Bancorp by 143.4% in 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 during the last quarter. Finally, CWM LLC raised its stake in shares of Customers Bancorp by 14.2% during 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. 89.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on CUBI. Piper Sandler lowered their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday. B. Riley raised their price target 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. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $57.00 to $52.00 in a research note on Monday, November 4th. Finally, Wedbush downgraded shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.11.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $56.45 on Monday. The firm has a market capitalization of $1.77 billion, a PE ratio of 9.16 and a beta of 1.61. Customers Bancorp, Inc. has a 1 year low of $42.31 and a 1 year 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’s fifty day simple moving average is $49.30 and its 200 day simple moving average is $49.82.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) 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 business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. During the same period in the prior year, the business posted $2.59 earnings per share. The company’s revenue for the quarter was down 23.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Insiders Place Their Bets

In related news, Director Robert Neil Mackay sold 4,000 shares of Customers Bancorp stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the sale, the director now directly owns 4,567 shares of the company’s stock, valued at $245,613.26. This trade represents a 46.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now owns 66,256 shares in the company, valued at $3,556,622.08. This represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,440 shares of company stock valued at $5,425,815 in the last three months. Company insiders own 6.92% of the company’s stock.

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.