Heartland Advisors Inc. Has $9.33 Million Stock Holdings in Customers Bancorp, Inc (NYSE:CUBI)

Key Points

• Heartland Advisors Inc. increased its stake in Customers Bancorp, Inc. by 17.9% in Q1, now owning 185,839 shares valued at approximately $9.33 million.
• Customers Bancorp reported earnings of $1.80 per share, exceeding analysts' expectations of $1.50, with a revenue increase of 3.8% year-over-year.
• Research firms have upgraded the company's ratings, with Keefe, Bruyette & Woods raising the price target to $70, contributing to an average rating of "Moderate Buy" for the stock.

Heartland Advisors Inc. raised its stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 17.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,839 shares of the bank's stock after acquiring an additional 28,239 shares during the period. Heartland Advisors Inc. owned approximately 0.59% of Customers Bancorp worth $9,329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Royce & Associates LP raised its holdings in Customers Bancorp by 3.5% in the 1st quarter. Royce & Associates LP now owns 261,506 shares of the bank's stock valued at $13,128,000 after acquiring an additional 8,916 shares in the last quarter. Readystate Asset Management LP increased its stake in shares of Customers Bancorp by 25.4% in the 1st quarter. Readystate Asset Management LP now owns 7,798 shares of the bank's stock valued at $391,000 after purchasing an additional 1,578 shares during the last quarter. Allianz Asset Management GmbH increased its stake in shares of Customers Bancorp by 34.9% in the 1st quarter. Allianz Asset Management GmbH now owns 8,500 shares of the bank's stock valued at $427,000 after purchasing an additional 2,200 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Customers Bancorp by 25.9% in the 1st quarter. Victory Capital Management Inc. now owns 6,782 shares of the bank's stock valued at $340,000 after purchasing an additional 1,396 shares during the last quarter. Finally, Arcus Capital Partners LLC bought a new position in shares of Customers Bancorp in the 1st quarter valued at $305,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CUBI shares. Stephens lifted their price target on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday. Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. DA Davidson lifted their price target on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research note on Monday. B. Riley lifted their price target on Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Monday. Finally, Keefe, Bruyette & Woods lifted their price target on Customers Bancorp from $70.00 to $71.00 and gave the company a "market perform" rating in a research note on Monday. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $67.00.

Customers Bancorp Price Performance

CUBI stock traded up $0.01 during midday trading on Wednesday, reaching $65.34. 164,168 shares of the stock were exchanged, compared to its average volume of 302,286. The stock has a market capitalization of $2.06 billion, a PE ratio of 16.21 and a beta of 1.55. Customers Bancorp, Inc has a 52 week low of $40.75 and a 52 week high of $67.19. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The company has a fifty day moving average price of $57.10 and a 200 day moving average price of $53.31.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $1.80 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.30. The business had revenue of $206.31 million for the quarter, compared to analyst estimates of $170.81 million. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%. Customers Bancorp's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.49 EPS. As a group, analysts expect that Customers Bancorp, Inc will post 6.45 EPS for the current fiscal year.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.