Legal & General Group Plc bought a new position in shares of Customers Bancorp, Inc (NYSE:CUBI – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 72,107 shares of the bank’s stock, valued at approximately $5,704,000. Legal & General Group Plc owned about 0.21% of Customers Bancorp as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CUBI. Versant Capital Management Inc raised its holdings in Customers Bancorp by 41.0% during the second quarter. Versant Capital Management Inc now owns 561 shares of the bank’s stock worth $44,000 after purchasing an additional 163 shares in the last quarter. Lido Advisors LLC boosted its holdings in shares of Customers Bancorp by 3.0% in the 4th quarter. Lido Advisors LLC now owns 6,135 shares of the bank’s stock valued at $412,000 after buying an additional 178 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Customers Bancorp by 0.5% in the 3rd quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock valued at $2,226,000 after buying an additional 182 shares during the last quarter. MetLife Investment Management LLC raised its stake in Customers Bancorp by 1.3% during the 4th quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank’s stock worth $1,289,000 after acquiring an additional 230 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in 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 acquiring an additional 232 shares in the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on CUBI shares. Piper Sandler increased their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, June 26th. JPMorgan Chase & Co. upped their price target on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research note on Monday, June 29th. Fundamental Research set a $94.00 price objective on shares of Customers Bancorp in a research report on Wednesday, July 1st. Finally, DA Davidson lifted their price objective on shares of Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.69.
Customers Bancorp Stock Up 0.9%
CUBI stock opened at $79.37 on Friday. The company has a market cap of $2.68 billion, a P/E ratio of 9.68 and a beta of 1.47. Customers Bancorp, Inc has a 52 week low of $59.34 and a 52 week high of $84.38. The company’s 50-day moving average price is $79.10 and its 200 day moving average price is $75.17. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01.
Customers Bancorp (NYSE:CUBI – Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, beating 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 company had revenue of $227.28 million during the quarter, compared to analysts’ expectations of $229.24 million. During the same period last year, the company posted $1.80 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts expect that Customers Bancorp, Inc will post 8.43 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Chairman Jay Sidhu sold 68,821 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $80.09, for a total value of $5,511,873.89. Following the completion of the transaction, the chairman directly owned 667,757 shares of the company’s stock, valued at $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 100,000 shares of company stock valued at $7,981,084. Company insiders own 10.45% of the company’s stock.
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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