Russell Investments Group Ltd. Trims Position in Customers Bancorp, Inc (CUBI)
Russell Investments Group Ltd. cut its position in shares of Customers Bancorp, Inc (NYSE:CUBI) by 88.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,636 shares of the bank’s stock after selling 173,804 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Customers Bancorp worth $668,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the stock. BNP Paribas Arbitrage SA raised its holdings in shares of Customers Bancorp by 10.4% in the first quarter. BNP Paribas Arbitrage SA now owns 5,105 shares of the bank’s stock worth $161,000 after acquiring an additional 479 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Customers Bancorp by 8.7% in the second quarter. Nisa Investment Advisors LLC now owns 5,600 shares of the bank’s stock worth $158,000 after acquiring an additional 450 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Customers Bancorp by 80.2% in the second quarter. State of Alaska Department of Revenue now owns 5,657 shares of the bank’s stock worth $159,000 after acquiring an additional 2,517 shares during the last quarter. US Bancorp DE raised its holdings in shares of Customers Bancorp by 8.3% in the first quarter. US Bancorp DE now owns 5,890 shares of the bank’s stock worth $186,000 after acquiring an additional 450 shares during the last quarter. Finally, LaSalle Street Capital Management LLC acquired a new position in shares of Customers Bancorp in the first quarter worth $206,000. 87.53% of the stock is owned by hedge funds and other institutional investors.
Customers Bancorp, Inc (NYSE:CUBI) traded up 1.96% during trading on Monday, reaching $29.16. The company had a trading volume of 61,909 shares. Customers Bancorp, Inc has a 52-week low of $24.37 and a 52-week high of $36.93. The company has a 50-day moving average price of $28.48 and a 200 day moving average price of $29.66. The stock has a market cap of $896.09 million, a PE ratio of 11.93 and a beta of 0.65.
Customers Bancorp (NYSE:CUBI) last released its earnings results on Wednesday, July 26th. The bank reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.16. The company had revenue of $68.62 million during the quarter, compared to analyst estimates of $67.14 million. Customers Bancorp had a return on equity of 15.93% and a net margin of 22.81%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 earnings per share. On average, analysts anticipate that Customers Bancorp, Inc will post $2.67 earnings per share for the current year.
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A number of equities analysts have recently weighed in on CUBI shares. Zacks Investment Research raised Customers Bancorp from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a report on Monday, July 31st. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $36.00 price target on shares of Customers Bancorp in a report on Friday, June 30th. Finally, BidaskClub raised Customers Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $39.50.
Customers Bancorp Profile
Customers Bancorp, Inc (Customers Bancorp) is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches and offices in Southeastern Pennsylvania (Bucks, Berks, Chester, Delaware and Philadelphia Counties), Rye Brook, Melville and New York, New York (Westchester, Suffolk and New York Counties), Hamilton, New Jersey (Mercer County), Providence, Rhode Island (Providence County), Portsmouth, New Hampshire (Rockingham County) and Boston, Massachusetts (Suffolk County).
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