Mackenzie Financial Corp Acquires New Position in Customers Bancorp, Inc. (NYSE:CUBI)

Mackenzie Financial Corp bought a new position in Customers Bancorp, Inc. (NYSE:CUBI) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,133 shares of the bank’s stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. BluePath Capital Management LLC bought a new stake in shares of Customers Bancorp in the 3rd quarter worth approximately $31,000. Raymond James Financial Services Advisors Inc. lifted its stake in Customers Bancorp by 14.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 8,796 shares of the bank’s stock valued at $303,000 after buying an additional 1,125 shares during the last quarter. Wakefield Asset Management LLLP grew its position in shares of Customers Bancorp by 9.3% during the fourth quarter. Wakefield Asset Management LLLP now owns 21,920 shares of the bank’s stock worth $1,263,000 after acquiring an additional 1,859 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Customers Bancorp by 58.1% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 5,455 shares of the bank’s stock worth $322,000 after acquiring an additional 2,004 shares during the period. Finally, C M Bidwell & Associates Ltd. bought a new stake in Customers Bancorp in the 3rd quarter valued at about $112,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CUBI has been the subject of several recent analyst reports. Wedbush decreased their target price on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday. B. Riley raised their target price on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, January 29th. Jefferies Financial Group increased their price target on Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, Raymond James upped their price objective on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.29.

Insider Buying and Selling

In related news, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the transaction, the chief financial officer now owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction of $36,097.20. Following the transaction, the insider now owns 69,428 shares in the company, valued at $3,762,997.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the sale, the chief financial officer now directly owns 41,224 shares of the company’s stock, valued at $2,191,055.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company’s stock.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $46.82 on Monday. The firm has a 50-day moving average of $51.40 and a two-hundred day moving average of $49.10. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 6.54 and a beta of 1.67. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.92. Customers Bancorp, Inc. has a twelve month low of $15.80 and a twelve month high of $60.09.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, beating the consensus estimate of $1.62 by $0.06. The business had revenue of $181.62 million during the quarter, compared to analyst estimates of $183.48 million. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.62%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.58 earnings per share. As a group, analysts expect that Customers Bancorp, Inc. will post 6.85 earnings per share for the current fiscal year.

Customers Bancorp 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.