Pinnacle Holdings LLC purchased a new stake in shares of Customers Bancorp, Inc (NYSE:CUBI – Free Report) in the 2nd quarter, Holdings Channel reports. The fund purchased 17,370 shares of the bank’s stock, valued at approximately $1,374,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Arax Advisory Partners increased its holdings in shares of Customers Bancorp by 218.9% in the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock valued at $26,000 after purchasing an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Customers Bancorp during the 3rd quarter worth about $29,000. Bessemer Group Inc. boosted 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 buying an additional 232 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Customers Bancorp by 41.0% during the 2nd quarter. Versant Capital Management Inc now owns 561 shares of the bank’s stock worth $44,000 after buying an additional 163 shares during the period. Finally, Transamerica Financial Advisors LLC grew its stake in Customers Bancorp by 216.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock valued at $43,000 after buying an additional 404 shares during the last quarter. 89.29% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
CUBI has been the topic of several research analyst reports. DA Davidson increased their price target on shares of Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a report on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of Customers Bancorp in a report on Monday, June 29th. Hovde Group increased their target price on Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. Morgan Stanley increased their target price on Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Finally, JPMorgan Chase & Co. boosted their price target on Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.69.
Insider Activity
In related news, Chairman Jay S. Sidhu sold 68,821 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the sale, the chairman owned 667,757 shares of the company’s stock, valued at $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 160,315 shares of company stock valued at $12,578,896 in the last three months. Insiders own 10.45% of the company’s stock.
Customers Bancorp Price Performance
Shares of Customers Bancorp stock opened at $79.84 on Monday. Customers Bancorp, Inc has a twelve month low of $59.34 and a twelve month high of $84.38. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01. The company has a 50-day simple moving average of $78.79 and a two-hundred day simple moving average of $74.93. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 9.74 and a beta of 1.49.
Customers Bancorp (NYSE:CUBI – Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The firm had revenue of $227.28 million for the quarter, compared to analyst estimates of $229.24 million. During the same quarter in the prior year, the business posted $1.80 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. Analysts forecast that Customers Bancorp, Inc will post 8.43 EPS for the current year.
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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