Northwestern Mutual Wealth Management Co. grew its position in shares of Customers Bancorp, Inc (NYSE:CUBI – Free Report) by 247,273.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,636 shares of the bank’s stock after purchasing an additional 222,546 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Customers Bancorp were worth $16,279,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in CUBI. Royal Bank of Canada grew its position in shares of Customers Bancorp by 11.5% during the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock valued at $269,000 after purchasing an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Customers Bancorp by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after buying an additional 786 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Customers Bancorp by 71.4% in the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after buying an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Customers Bancorp in the 1st quarter worth $37,000. Finally, Creative Planning bought a new stake in shares of Customers Bancorp during the 2nd quarter worth $250,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.
Customers Bancorp Stock Performance
NYSE CUBI opened at $75.16 on Monday. Customers Bancorp, Inc has a 52-week low of $49.54 and a 52-week high of $82.56. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $2.54 billion, a P/E ratio of 9.54 and a beta of 1.49. The company has a fifty day moving average of $73.75 and a 200-day moving average of $72.94.
Customers Bancorp announced that its board has authorized a stock repurchase program on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Analyst Ratings Changes
A number of analysts have recently issued reports on CUBI shares. Stephens raised shares of Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price objective for the company in a report on Monday, March 16th. Weiss Ratings raised shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. DA Davidson lifted their price objective on shares of Customers Bancorp from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Hovde Group lifted their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. Finally, Morgan Stanley dropped their price objective on shares of Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating for the company in a report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Customers Bancorp presently has an average rating of “Moderate Buy” and an average target price of $87.50.
Read Our Latest Stock Analysis on CUBI
Insiders Place Their Bets
In other Customers Bancorp news, EVP Philip Watkins sold 3,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Samvir S. Sidhu purchased 1,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $72.58 per share, with a total value of $72,580.00. Following the completion of the purchase, the chief executive officer directly owned 521,714 shares of the company’s stock, valued at $37,866,002.12. The trade was a 0.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 10.45% of the stock is currently owned by insiders.
Customers Bancorp Profile
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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