Maryland State Retirement & Pension System Lowers Position in Customers Bancorp, Inc (NYSE:CUBI)

Maryland State Retirement & Pension System cut its stake in Customers Bancorp, Inc (NYSE:CUBI) by 14.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,504 shares of the bank’s stock after selling 1,428 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Customers Bancorp were worth $427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CUBI. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Customers Bancorp in the fourth quarter worth approximately $46,000. GAMMA Investing LLC lifted its holdings in Customers Bancorp by 27.2% during the first quarter. GAMMA Investing LLC now owns 1,887 shares of the bank’s stock worth $95,000 after acquiring an additional 403 shares during the period. Summit Investment Advisors Inc. lifted its holdings in Customers Bancorp by 8.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,098 shares of the bank’s stock worth $151,000 after acquiring an additional 254 shares during the period. Hsbc Holdings PLC bought a new stake in Customers Bancorp during the fourth quarter worth $202,000. Finally, EP Wealth Advisors LLC bought a new stake in Customers Bancorp during the fourth quarter worth $205,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CUBI has been the topic of a number of recent analyst reports. Stephens lifted their price target on Customers Bancorp from $55.00 to $62.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 29th. Wall Street Zen upgraded Customers Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 18th. B. Riley lifted their price target on Customers Bancorp from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, July 28th. Keefe, Bruyette & Woods lifted their price target on Customers Bancorp from $70.00 to $71.00 and gave the stock a “market perform” rating in a report on Monday, July 28th. Finally, DA Davidson lifted their price target on Customers Bancorp from $69.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, July 28th. Five 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 company. According to data from MarketBeat, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.25.

Customers Bancorp Stock Performance

Shares of CUBI opened at $65.93 on Friday. The firm has a market cap of $2.08 billion, a PE ratio of 16.32 and a beta of 1.59. The stock’s fifty day moving average price is $60.61 and its two-hundred day moving average price is $54.51. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. Customers Bancorp, Inc has a 1 year low of $40.75 and a 1 year high of $67.19.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.30. The company had revenue of $206.31 million during the quarter, compared to analysts’ expectations of $170.81 million. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.49 earnings per share. On average, equities research analysts forecast that Customers Bancorp, Inc will post 6.45 EPS for the current year.

Customers Bancorp Company 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.