Heartland Advisors Inc. decreased its stake in shares of Customers Bancorp, Inc (NYSE:CUBI – Free Report) by 6.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 170,775 shares of the bank’s stock after selling 12,100 shares during the quarter. Heartland Advisors Inc. owned 0.51% of Customers Bancorp worth $11,853,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in CUBI. Arcus Capital Partners LLC increased its stake in Customers Bancorp by 18.3% during the first quarter. Arcus Capital Partners LLC now owns 9,377 shares of the bank’s stock valued at $651,000 after acquiring an additional 1,450 shares during the period. Bessemer Group Inc. grew its holdings in shares of Customers Bancorp by 78.4% during the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock worth $37,000 after purchasing an additional 232 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Customers Bancorp by 9.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 461,956 shares of the bank’s stock worth $32,776,000 after purchasing an additional 40,104 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Customers Bancorp by 6.9% during the first quarter. Illinois Municipal Retirement Fund now owns 16,424 shares of the bank’s stock valued at $1,140,000 after purchasing an additional 1,060 shares during the period. Finally, Hillsdale Investment Management Inc. raised its stake in shares of Customers Bancorp by 3,666.7% in the first quarter. Hillsdale Investment Management Inc. now owns 4,520 shares of the bank’s stock valued at $314,000 after purchasing an additional 4,400 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Hovde Group raised 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. Morgan Stanley lifted their target price on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. upped their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Finally, Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a research report on Wednesday, July 1st. One investment 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. According to MarketBeat, Customers Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.62.
Customers Bancorp Stock Performance
Shares of NYSE:CUBI opened at $78.15 on Friday. The business’s fifty day moving average price is $76.08 and its two-hundred day moving average price is $74.42. Customers Bancorp, Inc has a fifty-two week low of $59.34 and a fifty-two week high of $82.56. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 9.92 and a beta of 1.48. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.01 and a quick ratio of 1.01.
Customers Bancorp (NYSE:CUBI – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.09. The company had revenue of $225.40 million during the quarter, compared to analysts’ expectations of $223.51 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The business’s revenue was up 57.9% on a year-over-year basis. During the same period last year, the business earned $1.54 earnings per share. As a group, analysts predict that Customers Bancorp, Inc will post 8.35 EPS for the current fiscal year.
Insider Transactions at Customers Bancorp
In related news, EVP Philip Watkins sold 3,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $75.67, for a total transaction of $227,010.00. Following the completion of the sale, the executive vice president owned 43,993 shares in the company, valued at $3,328,950.31. This trade represents a 6.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Samvir S. Sidhu purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average cost of $72.58 per share, with a total value of $72,580.00. Following the completion of the acquisition, the chief executive officer directly owned 521,714 shares in the company, valued at $37,866,002.12. The trade was a 0.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 10.45% of the stock is 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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