Shell Asset Management Co. Reduces Stake in Clients Bancorp, Inc. (NYSE: CUBI)



Shell Asset Management Co. reduced its stake in Customers Bancorp, Inc. (NYSE: CUBI – Get Rating) by 47.8% during the first quarter, Holdings Channel.com reports. The institutional investor held 15,051 shares of the bank after selling 13,791 shares during the period. Shell Asset Management Co.’s holdings in Customers Bancorp were worth $785,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also been buying and selling shares of the company recently. Geode Capital Management LLC increased its stake in Customers Bancorp by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 522,349 shares of the bank valued at $34,145,000 after buying 2,223 additional shares last quarter. Meritage Portfolio Management increased its stake in Customers Bancorp by 11.9% in the first quarter. Meritage Investment Management now owns 9,600 shares of the bank valued at $501,000 after buying 1,021 additional shares last quarter. Assenagon Asset Management SA bought a new position in shares of Customers Bancorp during the 1st quarter for a value of $7,013,000. Lazard Asset Management LLC increased its stake in Customers Bancorp shares by 70.5% during the 4th quarter. Lazard Asset Management LLC now owns 687 shares of the bank worth $44,000 after purchasing an additional 284 shares during the period. Finally, EAM Global Investors LLC increased its stake in Customers Bancorp shares by 50.9% during the 4th quarter. EAM Global Investors LLC now owns 75,980 shares of the bank worth $4,967,000 after purchasing an additional 25,625 shares during the period. Hedge funds and other institutional investors hold 83.48% of the company’s shares.

Bancorp customers trading up 1.9%

Shares of CUBI opened at $38.19 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt ratio of 0.15. The company has a market capitalization of $1.26 billion, a P/E ratio of 3.81 and a beta of 1.61. The stock’s fifty-day simple moving average is $36.91 and its 200-day simple moving average is $47.42. Bancorp, Inc. Clients has a 12-month low of $32.19 and a 12-month high of $76.13.

Customers Bancorp (NYSE:CUBI – Get Rating) last released its results on Wednesday, July 27. The bank reported earnings per share of $1.68 for the quarter, missing the consensus estimate of $1.76 per ($0.08). Customers Bancorp had a return on equity of 30.79% and a net margin of 40.14%. In the same period a year earlier, the company had earned earnings per share of $1.76. On average, stock research analysts expect Customers Bancorp, Inc. to post earnings per share of 7.95 for the current year.

Analyst upgrades and downgrades

A number of brokerages have weighed in on CUBI. DA Davidson reissued a “neutral” rating on Customers Bancorp stock in a Wednesday, July 27 research note. Jefferies Financial Group cut its price target on Customers Bancorp from $63.00 to $48.00 in a research note on Monday July 11. B. Riley reduced his price target on Customers Bancorp from $90.00 to $85.00 in a Monday July 11 research note. Finally, Maxim Group reissued a “buy” rating and set a price target of $85.00 on Customers Bancorp stock in a research note on Friday, April 29. Four equity research analysts gave the stock a hold rating and five gave the stock a buy rating. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $71.07.

Insider Activity at Customers Bancorp

Separately, Chief Financial Officer Carla A. Leibold purchased 1,000 shares in a trade that took place on Friday, May 6. The shares were purchased at an average cost of $42.10 per share, for a total transaction of $42,100.00. Following the acquisition, the CFO now owns 68,348 shares of the company, valued at $2,877,450.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Separately, Chief Financial Officer Carla A. Leibold purchased 1,000 shares in a trade that took place on Friday, May 6. The shares were purchased at an average cost of $42.10 per share, for a total transaction of $42,100.00. Following the acquisition, the CFO now owns 68,348 shares of the company, valued at $2,877,450.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, CEO Samvir S. Sidhu purchased 2,965 shares in a trade that took place on Friday, May 6. The stock was purchased at an average price of $42.10 per share, with a total value of $124,826.50. Following the completion of the acquisition, the CEO now owns 80,637 shares of the company, valued at approximately $3,394,817.70. Disclosure of this purchase can be found here. Over the past three months, insiders have purchased 4,465 shares of the company worth $186,912. Company insiders own 6.75% of the company’s shares.

Clients Company Profile Bancorp

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Customers Bancorp, Inc operates as a banking holding company for Customers Bank which provides financial products and services to individuals and small and medium businesses. The Company offers deposit products, including checking, savings, MMDA and other deposit accounts. It offers lending products, including commercial warehouse mortgages, multifamily and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgages and installment loans.

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Want to see which other hedge funds hold CUBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Bancorp, Inc. (NYSE: CUBI – Get Rating) clients.

Institutional ownership by quarter for Bancorp clients (NYSE: CUBI)



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