UBS Group AG increased its stake in Customers Bancorp, Inc (NYSE:CUBI – Free Report) by 23.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 273,933 shares of the bank’s stock after buying an additional 51,725 shares during the period. UBS Group AG’s holdings in Customers Bancorp were worth $20,030,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Anatole Investment Management Ltd bought a new position in Customers Bancorp during the 2nd quarter worth approximately $17,593,000. Millennium Management LLC increased its position in shares of Customers Bancorp by 448.8% during the third quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock worth $21,427,000 after buying an additional 268,056 shares during the period. Emerald Advisers LLC bought a new position in Customers Bancorp during the third quarter worth $15,150,000. Balyasny Asset Management L.P. lifted its holdings in Customers Bancorp by 3,173.3% in the third quarter. Balyasny Asset Management L.P. now owns 158,429 shares of the bank’s stock valued at $10,357,000 after buying an additional 153,589 shares during the period. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in Customers Bancorp during the third quarter valued at $9,481,000. Institutional investors and hedge funds own 89.29% of the company’s stock.
Customers Bancorp Price Performance
CUBI stock opened at $74.16 on Tuesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.01 and a quick ratio of 1.01. The company’s 50-day moving average is $71.73 and its 200-day moving average is $72.24. The stock has a market capitalization of $2.50 billion, a PE ratio of 9.41 and a beta of 1.52. Customers Bancorp, Inc has a 1 year low of $49.54 and a 1 year high of $82.56.
Customers Bancorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on CUBI shares. DA Davidson upped their target price on Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Weiss Ratings upgraded Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Hovde Group boosted their price target on Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. Maxim Group set a $100.00 price target on Customers Bancorp in a report on Monday, January 26th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $86.00 price objective (up from $82.00) on shares of Customers Bancorp in a research note on Monday, April 27th. One 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $87.50.
Check Out Our Latest Report on CUBI
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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