Customers Bancorp, Inc. (NYSE:CUBI) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. raised its holdings in Customers Bancorp, Inc. (NYSE:CUBI) by 3.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 62,515 shares of the bank’s stock after acquiring an additional 2,060 shares during the period. Franklin Resources Inc.’s holdings in Customers Bancorp were worth $3,011,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Basswood Capital Management L.L.C. purchased a new stake in shares of Customers Bancorp in the third quarter valued at $26,000. Ridgewood Investments LLC acquired a new stake in Customers Bancorp in the 2nd quarter worth about $48,000. Innealta Capital LLC acquired a new position in shares of Customers Bancorp during the 2nd quarter valued at about $74,000. GAMMA Investing LLC lifted its holdings in shares of 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 acquiring an additional 282 shares during the period. Finally, Quest Partners LLC boosted its position in shares of Customers Bancorp by 143.4% in the third quarter. Quest Partners LLC now owns 1,633 shares of the bank’s stock worth $76,000 after acquiring an additional 962 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CUBI shares. Piper Sandler dropped their price target 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. Wedbush lowered Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. 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. B. Riley lifted their price objective on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, December 1st. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Customers Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $62.22.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $48.62 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average price of $51.56 and a two-hundred day moving average price of $50.64. The firm has a market cap of $1.52 billion, a PE ratio of 7.89 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.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $191.61 million. During the same quarter last year, the business posted $2.59 earnings per share. The firm’s revenue for the quarter was down 23.2% on a year-over-year basis. Sell-side analysts expect that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Insider Activity at Customers Bancorp

In other news, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were 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 in the company, valued at approximately $245,613.26. This trade represents a 46.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $268,507.36. Following the sale, the insider now directly owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 96,440 shares of company stock valued at $5,425,815. Corporate insiders own 6.92% of the company’s stock.

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.