Hennessy Advisors Inc. Acquires Shares of 27,000 Customers Bancorp, Inc. (NYSE:CUBI)

Hennessy Advisors Inc. bought a new position in Customers Bancorp, Inc. (NYSE:CUBI) during the fourth quarter, Holdings Channel.com reports. The institutional investor bought 27,000 shares of the bank’s stock, valued at approximately $1,314,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Customers Bancorp by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock worth $107,575,000 after buying an additional 21,302 shares in the last quarter. Inspire Investing LLC increased its stake in Customers Bancorp by 8.3% during the second quarter. Inspire Investing LLC now owns 7,303 shares of the bank’s stock worth $350,000 after acquiring an additional 557 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Customers Bancorp in the second quarter valued at $698,000. Canada Pension Plan Investment Board purchased a new position in shares of Customers Bancorp during the 2nd quarter worth $1,579,000. Finally, Sei Investments Co. raised its holdings in Customers Bancorp by 53.1% in the 2nd quarter. Sei Investments Co. now owns 132,048 shares of the bank’s stock valued at $6,336,000 after buying an additional 45,818 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CUBI has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $79.00 to $53.00 in a research note on Tuesday, September 24th. Stephens lifted their price objective on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. B. Riley increased their target price on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Piper Sandler dropped their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.22.

Insider Activity

In related news, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the completion of the sale, the director now directly owns 4,567 shares of the company’s stock, valued at $245,613.26. This represents a 46.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Glenn Hedde sold 5,002 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now owns 66,256 shares in the company, valued at $3,556,622.08. This represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,440 shares of company stock worth $5,425,815. 6.92% of the stock is currently owned by insiders.

Customers Bancorp Stock Up 1.7 %

Shares of Customers Bancorp stock opened at $49.84 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. Customers Bancorp, Inc. has a 52-week low of $42.31 and a 52-week high of $68.49. The company has a market capitalization of $1.56 billion, a P/E ratio of 8.09 and a beta of 1.68. The company has a 50 day moving average of $51.83 and a 200 day moving average of $50.91.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data 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 firm had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. Customers Bancorp’s revenue for the quarter was down 23.2% on a year-over-year basis. During the same period last year, the firm posted $2.59 earnings per share. As a group, research analysts forecast that Customers Bancorp, Inc. will post 5.63 EPS for the current fiscal year.

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.