Wells Fargo & Company MN Acquires 199,732 Shares of Customers Bancorp Inc (NYSE:CUBI)

Wells Fargo & Company MN grew its holdings in shares of Customers Bancorp Inc (NYSE:CUBI) by 88.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 426,630 shares of the bank’s stock after buying an additional 199,732 shares during the period. Wells Fargo & Company MN’s holdings in Customers Bancorp were worth $8,959,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CUBI. JPMorgan Chase & Co. boosted its holdings in shares of Customers Bancorp by 1,274.4% during the 1st quarter. JPMorgan Chase & Co. now owns 911,951 shares of the bank’s stock valued at $16,697,000 after buying an additional 845,596 shares in the last quarter. Foundry Partners LLC bought a new stake in shares of Customers Bancorp during the 2nd quarter valued at $4,699,000. LSV Asset Management boosted its holdings in shares of Customers Bancorp by 25.3% during the 1st quarter. LSV Asset Management now owns 514,652 shares of the bank’s stock valued at $9,423,000 after buying an additional 104,052 shares in the last quarter. GYL Financial Synergies LLC bought a new stake in shares of Customers Bancorp during the 1st quarter valued at $1,107,000. Finally, Tieton Capital Management LLC boosted its holdings in shares of Customers Bancorp by 16.0% during the 1st quarter. Tieton Capital Management LLC now owns 245,323 shares of the bank’s stock valued at $4,492,000 after buying an additional 33,885 shares in the last quarter. Hedge funds and other institutional investors own 82.00% of the company’s stock.

In related news, insider James T. Collins sold 5,500 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $20.61, for a total value of $113,355.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 9.54% of the company’s stock.

Customers Bancorp stock traded up $0.33 during mid-day trading on Friday, reaching $20.99. The stock had a trading volume of 3,015 shares, compared to its average volume of 120,641. The company has a market capitalization of $620.51 million, a price-to-earnings ratio of 8.50, a PEG ratio of 0.92 and a beta of 1.05. The company has a 50-day moving average price of $19.27 and a two-hundred day moving average price of $20.15. Customers Bancorp Inc has a one year low of $16.72 and a one year high of $24.91. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.12 and a quick ratio of 1.12.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.04. The company had revenue of $64.68 million for the quarter, compared to analysts’ expectations of $64.51 million. Customers Bancorp had a net margin of 10.13% and a return on equity of 9.54%. Customers Bancorp’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.73 EPS. On average, equities research analysts anticipate that Customers Bancorp Inc will post 2.15 earnings per share for the current fiscal year.

A number of brokerages have recently commented on CUBI. Zacks Investment Research upgraded shares of Customers Bancorp from a “hold” rating to a “strong-buy” rating and set a $22.00 target price on the stock in a report on Wednesday, August 21st. Maxim Group restated a “buy” rating and set a $38.00 target price on shares of Customers Bancorp in a report on Wednesday, July 10th. Sandler O’Neill cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Finally, TheStreet cut shares of Customers Bancorp from a “b-” rating to a “c+” rating in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.95.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.

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Institutional Ownership by Quarter for Customers Bancorp (NYSE:CUBI)

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