Lord Abbett & CO. LLC Buys 71,600 Shares of Customers Bancorp, Inc. (NYSE:CUBI)

Lord Abbett & CO. LLC lifted its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 17.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 481,862 shares of the bank’s stock after acquiring an additional 71,600 shares during the period. Lord Abbett & CO. LLC’s holdings in Customers Bancorp were worth $20,730,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Customers Bancorp by 2.0% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 11,932 shares of the bank’s stock worth $513,000 after acquiring an additional 230 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Customers Bancorp by 7.6% during the 2nd quarter. Mutual of America Capital Management LLC now owns 4,220 shares of the bank’s stock worth $165,000 after acquiring an additional 298 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Customers Bancorp by 0.5% during the 3rd quarter. Victory Capital Management Inc. now owns 94,830 shares of the bank’s stock worth $4,080,000 after acquiring an additional 517 shares in the last quarter. ClariVest Asset Management LLC boosted its stake in shares of Customers Bancorp by 0.8% during the 3rd quarter. ClariVest Asset Management LLC now owns 69,344 shares of the bank’s stock worth $2,984,000 after acquiring an additional 526 shares in the last quarter. Finally, Koshinski Asset Management Inc. bought a new stake in shares of Customers Bancorp during the 3rd quarter worth about $26,000. Institutional investors own 80.46% of the company’s stock.

In other news, insider Glenn Hedde sold 1,767 shares of the stock in a transaction that occurred on Monday, November 1st. The stock was sold at an average price of $53.78, for a total value of $95,029.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director T Lawrence Way sold 2,000 shares of the stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $59.39, for a total value of $118,780.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 354,736 shares of company stock valued at $20,779,296. 10.23% of the stock is currently owned by insiders.

Customers Bancorp stock opened at $74.71 on Friday. The business has a 50 day moving average price of $61.86 and a two-hundred day moving average price of $48.58. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 9.79 and a beta of 1.60. Customers Bancorp, Inc. has a 12 month low of $20.97 and a 12 month high of $76.13.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Tuesday, October 26th. The bank reported $3.47 EPS for the quarter, beating the consensus estimate of $1.98 by $1.49. The firm had revenue of $245.48 million during the quarter, compared to analysts’ expectations of $176.43 million. Customers Bancorp had a return on equity of 30.45% and a net margin of 33.58%. During the same quarter in the prior year, the firm posted $1.20 EPS. On average, analysts expect that Customers Bancorp, Inc. will post 10.07 earnings per share for the current fiscal year.

Several analysts recently weighed in on the company. Maxim Group increased their target price on Customers Bancorp from $52.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, October 29th. DA Davidson restated a “neutral” rating on shares of Customers Bancorp in a research note on Tuesday, November 2nd. Wedbush increased their target price on Customers Bancorp from $61.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, November 29th. They noted that the move was a valuation call. B. Riley increased their target price on Customers Bancorp from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, December 13th. Finally, Jefferies Financial Group increased their target price on Customers Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, October 11th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $67.83.

Customers Bancorp Profile

Customers Bancorp, Inc operates as a bank holding company, which engages in the provision of banking services through its subsidiary, Customers Bank. It operates through the Customers Bank Business Banking and BankMobile segments. The Customers Bank Business Banking segment include commercial customers in Southeastern Pennsylvania, New York, New Jersey, Massachusetts, Rhode Island, New Hampshire, Washington, DC, and Illinois through a single-point-of-contact business model and provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies.

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

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