Hennessy Advisors Inc. Makes New Investment in Customers Bancorp, Inc. (NYSE:CUBI)

Hennessy Advisors Inc. purchased a new stake in Customers Bancorp, Inc. (NYSE:CUBI) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 27,000 shares of the bank’s stock, valued at approximately $1,314,000. Hennessy Advisors Inc. owned approximately 0.09% of Customers Bancorp as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of CUBI. Franklin Resources Inc. boosted its stake in Customers Bancorp by 3.4% in the third quarter. Franklin Resources Inc. now owns 62,515 shares of the bank’s stock valued at $3,011,000 after acquiring an additional 2,060 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Customers Bancorp by 12.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 9,412 shares of the bank’s stock valued at $437,000 after purchasing an additional 1,066 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Customers Bancorp by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after purchasing an additional 17,941 shares in the last quarter. Barclays PLC increased its position in Customers Bancorp by 46.9% during the 3rd quarter. Barclays PLC now owns 89,879 shares of the bank’s stock valued at $4,175,000 after buying an additional 28,683 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Customers Bancorp in the third quarter valued at about $736,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Trading Up 1.7 %

Customers Bancorp stock opened at $49.84 on Friday. The firm has a market cap of $1.56 billion, a PE ratio of 8.09 and a beta of 1.68. Customers Bancorp, Inc. has a 12 month low of $42.31 and a 12 month high of $68.49. The stock’s 50 day simple moving average is $51.83 and its two-hundred day simple moving average is $50.91. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.09). The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The firm’s quarterly revenue was down 23.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.59 EPS. Analysts anticipate that Customers Bancorp, Inc. will post 5.63 earnings per share for the current year.

Insider Activity at Customers Bancorp

In other news, CEO Jay S. Sidhu sold 860 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $54.73, for a total transaction of $47,067.80. Following the completion of the sale, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at $65,114,360.74. The trade was a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Glenn Hedde sold 5,002 shares of the firm’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 completion of the transaction, the insider now directly 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 sold a total of 96,440 shares of company stock worth $5,425,815 in the last 90 days. Corporate insiders own 6.92% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CUBI shares. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. B. Riley raised their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Wedbush lowered shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Stephens raised their target price 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. Finally, Piper Sandler dropped their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.22.

About Customers Bancorp

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.