Harbor Advisors LLC Grows Position in Customers Bancorp, Inc. (NYSE:CUBI)

Harbor Advisors LLC lifted its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 376.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,375 shares of the bank’s stock after purchasing an additional 26,375 shares during the quarter. Harbor Advisors LLC’s holdings in Customers Bancorp were worth $1,550,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the company. Basswood Capital Management L.L.C. bought a new stake in Customers Bancorp during the third quarter valued at $26,000. Verition Fund Management LLC raised its holdings in shares of Customers Bancorp by 325.5% during the third quarter. Verition Fund Management LLC now owns 27,918 shares of the bank’s stock valued at $1,297,000 after acquiring an additional 21,357 shares during the last quarter. Walleye Capital LLC raised its stake in Customers Bancorp by 536.3% during the 3rd quarter. Walleye Capital LLC now owns 38,450 shares of the bank’s stock valued at $1,786,000 after acquiring an additional 32,407 shares during the last quarter. Martingale Asset Management L P raised its holdings in Customers Bancorp by 7.7% in the third quarter. Martingale Asset Management L P now owns 30,730 shares of the bank’s stock valued at $1,427,000 after buying an additional 2,206 shares during the period. Finally, BNP Paribas Financial Markets grew its position in Customers Bancorp by 117.9% in the third quarter. BNP Paribas Financial Markets now owns 40,425 shares of the bank’s stock valued at $1,878,000 after acquiring an additional 21,871 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CUBI. B. Riley upped their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $57.00 to $52.00 in a report on Monday, November 4th. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday. Raymond James decreased their target price on 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. Finally, Wedbush lowered 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 note on Tuesday, September 24th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.11.

Insider Activity

In related news, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total value of $4,895,120.12. Following the transaction, the chief executive officer now owns 1,090,598 shares in the company, valued at $61,662,410.92. The trade was a 7.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Glenn Hedde sold 5,002 shares of the company’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 directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. This represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock worth $5,425,815 over the last 90 days. 6.92% of the stock is currently owned by corporate insiders.

Customers Bancorp Stock Down 1.5 %

Shares of Customers Bancorp stock opened at $55.63 on Tuesday. Customers Bancorp, Inc. has a one year low of $42.31 and a one year high of $68.49. The firm has a fifty day moving average of $49.48 and a two-hundred day moving average of $49.88. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market cap of $1.74 billion, a P/E ratio of 9.03 and a beta of 1.65.

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