Wolverine Asset Management LLC Buys New Shares in Customers Bancorp, Inc. (NYSE:CUBI)

Wolverine Asset Management LLC purchased a new position in Customers Bancorp, Inc. (NYSE:CUBI) in the third quarter, HoldingsChannel.com reports. The firm purchased 74,694 shares of the bank’s stock, valued at approximately $3,470,000.

Several other institutional investors have also recently made changes to their positions in CUBI. Ridgewood Investments LLC purchased a new stake in Customers Bancorp in the 2nd quarter worth approximately $48,000. GAMMA Investing LLC boosted its position in shares of Customers Bancorp by 21.7% in the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after purchasing an additional 282 shares during the period. Innealta Capital LLC purchased a new stake in shares of Customers Bancorp in the second quarter worth $74,000. CWM LLC raised its position in shares of Customers Bancorp by 14.2% during the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after purchasing an additional 274 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Customers Bancorp during the 2nd quarter valued at $151,000. Institutional investors own 89.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. DA Davidson increased their price target on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Stephens lifted their target price on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday. StockNews.com downgraded Customers Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Raymond James reduced their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods lowered shares of 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 research report on Monday, November 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $61.11.

Insider Activity

In related news, insider Glenn Hedde sold 5,002 shares of the 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 sale, the insider now owns 66,256 shares in the company, valued at approximately $3,556,622.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.92% of the company’s stock.

Customers Bancorp Trading Up 6.8 %

Shares of CUBI opened at $56.55 on Tuesday. The stock has a market capitalization of $1.79 billion, a PE ratio of 9.18 and a beta of 1.61. The company’s fifty day moving average is $47.31 and its 200 day moving average is $49.05. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. Customers Bancorp, Inc. has a fifty-two week low of $40.75 and a fifty-two week high of $68.49.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). The business had revenue of $167.10 million for the quarter, compared to analysts’ expectations 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 company posted $2.59 earnings per share. Sell-side analysts expect that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal 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.