Bank of America Corp DE grew its stake in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 62.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 164,595 shares of the bank's stock after acquiring an additional 63,021 shares during the period. Bank of America Corp DE owned 0.49% of Customers Bancorp worth $11,425,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Customers Bancorp by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank's stock valued at $162,424,000 after acquiring an additional 66,031 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Customers Bancorp by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank's stock valued at $134,859,000 after purchasing an additional 65,954 shares during the last quarter. State Street Corp increased its position in Customers Bancorp by 1.8% during the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank's stock valued at $133,998,000 after purchasing an additional 32,449 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank's stock worth $63,732,000 after acquiring an additional 844,141 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Customers Bancorp by 213.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank's stock valued at $54,056,000 after acquiring an additional 529,987 shares during the period. 89.29% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on CUBI shares. Piper Sandler raised their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. 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 Customers Bancorp in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods increased their target price on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd. Finally, DA Davidson increased their target price on Customers Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $90.69.
View Our Latest Analysis on CUBI
Insider Buying and Selling
In other news, Chairman Jay S. Sidhu sold 68,821 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value of $5,511,873.89. Following the sale, the chairman directly owned 667,757 shares of the company's stock, valued at $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 160,315 shares of company stock worth $12,578,896. Insiders own 10.45% of the company's stock.
Customers Bancorp Price Performance
Shares of CUBI stock opened at $79.84 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00. Customers Bancorp, Inc has a fifty-two week low of $59.34 and a fifty-two week high of $84.38. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 9.74 and a beta of 1.49. The stock's 50-day simple moving average is $78.79 and its 200-day simple moving average is $74.97.
Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, topping the consensus estimate of $2.00 by $0.05. The business had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.80 earnings per share. As a group, equities analysts forecast that Customers Bancorp, Inc will post 8.43 earnings per share for the current fiscal year.
About Customers Bancorp
(
Free Report)
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.
Further Reading
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