LSV Asset Management reduced its holdings in Customers Bancorp, Inc (NYSE:CUBI – Free Report) by 30.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 82,000 shares of the bank’s stock after selling 36,600 shares during the quarter. LSV Asset Management’s holdings in Customers Bancorp were worth $5,996,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in CUBI. Caitong International Asset Management Co. Ltd acquired a new position in Customers Bancorp in the third quarter valued at $29,000. Jones Financial Companies Lllp acquired a new position in Customers Bancorp in the first quarter valued at $37,000. Aster Capital Management DIFC Ltd increased its stake in Customers Bancorp by 451.2% in the third quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank’s stock valued at $61,000 after purchasing an additional 767 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Customers Bancorp by 17.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,755 shares of the bank’s stock valued at $115,000 after acquiring an additional 256 shares during the period. Finally, KBC Group NV grew its position in Customers Bancorp by 59.7% during the fourth quarter. KBC Group NV now owns 1,595 shares of the bank’s stock valued at $117,000 after acquiring an additional 596 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, CEO Samvir S. Sidhu bought 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $72.58 per share, with a total value of $72,580.00. Following the completion of the transaction, the chief executive officer directly owned 521,714 shares of the company’s stock, valued at approximately $37,866,002.12. This represents a 0.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Philip Watkins sold 3,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $75.67, for a total value of $227,010.00. Following the completion of the sale, the executive vice president directly owned 43,993 shares of the company’s stock, valued at $3,328,950.31. The trade was a 6.38% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.45% of the stock is owned by corporate insiders.
Customers Bancorp Price Performance
Customers Bancorp (NYSE:CUBI – Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.09. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The company had revenue of $225.40 million during the quarter, compared to the consensus estimate of $223.51 million. During the same quarter in the prior year, the business earned $1.54 earnings per share. The company’s revenue was up 57.9% compared to the same quarter last year. As a group, research analysts predict that Customers Bancorp, Inc will post 8.52 EPS for the current year.
Customers Bancorp announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to buy up to 4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Analysts Set New Price Targets
A number of research firms have issued reports on CUBI. Morgan Stanley lowered their price target on Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Stephens raised Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price target for the company in a research report on Monday, March 16th. Weiss Ratings raised Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. JPMorgan Chase & Co. lowered their price target on Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Finally, Piper Sandler reissued an “overweight” rating and set a $86.00 price target (up from $82.00) on shares of Customers Bancorp in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Customers Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $87.50.
View Our Latest Stock Report on Customers Bancorp
About Customers Bancorp
Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.
Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.
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