HighTower Advisors LLC Makes New Investment in Customers Bancorp, Inc $CUBI

Key Points

• HighTower Advisors LLC disclosed a new stake in Customers Bancorp, buying 20,985 shares worth about $1.53 million in the fourth quarter. Institutional ownership remains high, with hedge funds and other institutions holding most of the stock.
• Insider activity was mixed: Chairman Jay S. Sidhu sold 60,315 shares, while CEO Samvir S. Sidhu bought 1,000 shares. Company insiders still own about 10.45% of the bank.
• Customers Bancorp reported better-than-expected quarterly results, with EPS of $1.97 versus the $1.88 estimate and revenue up 57.9% year over year. Analysts currently rate the stock a Moderate Buy, with an average price target of $87.50.

HighTower Advisors LLC acquired a new position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 20,985 shares of the bank's stock, valued at approximately $1,534,000. HighTower Advisors LLC owned 0.06% of Customers Bancorp at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Customers Bancorp in the 3rd quarter valued at approximately $29,000. Jones Financial Companies Lllp acquired a new stake in shares of Customers Bancorp in the 1st quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd lifted its holdings in shares of Customers Bancorp by 451.2% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank's stock valued at $61,000 after buying an additional 767 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Customers Bancorp by 17.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,755 shares of the bank's stock valued at $115,000 after buying an additional 256 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Customers Bancorp by 59.7% in the 4th quarter. KBC Group NV now owns 1,595 shares of the bank's stock valued at $117,000 after buying an additional 596 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Customers Bancorp

In related news, Chairman Jay S. Sidhu sold 60,315 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total value of $4,597,812.45. Following the completion of the transaction, the chairman directly owned 767,557 shares of the company's stock, valued at $58,510,870.11. This trade represents a 7.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Samvir S. Sidhu acquired 1,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $72.58 per share, with a total value of $72,580.00. Following the completion of the purchase, the chief executive officer directly owned 521,714 shares in the company, valued at $37,866,002.12. This represents a 0.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 10.45% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on CUBI shares. Piper Sandler reissued an "overweight" rating and issued a $86.00 price target (up from $82.00) on shares of Customers Bancorp in a report on Monday, April 27th. Zacks Research cut Customers Bancorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 10th. Hovde Group raised their price target on Customers Bancorp from $80.00 to $86.00 and gave the company a "market perform" rating in a report on Tuesday, April 28th. Weiss Ratings raised Customers Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 2nd. Finally, DA Davidson raised their price target on Customers Bancorp from $91.00 to $93.00 and gave the company a "buy" rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $87.50.

Customers Bancorp Stock Performance

NYSE CUBI opened at $74.34 on Wednesday. Customers Bancorp, Inc has a 1-year low of $50.06 and a 1-year high of $82.56. The company has a market capitalization of $2.51 billion, a P/E ratio of 9.43 and a beta of 1.49. The business has a 50 day moving average price of $73.89 and a 200 day moving average price of $72.98. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.01 and a quick ratio of 1.01.

Customers Bancorp (NYSE:CUBI - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.09. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The firm had revenue of $225.40 million during the quarter, compared to the consensus estimate of $223.51 million. During the same period last year, the business posted $1.54 EPS. Customers Bancorp's quarterly revenue was up 57.9% on a year-over-year basis. Sell-side analysts expect that Customers Bancorp, Inc will post 8.52 EPS for the current fiscal year.

Customers Bancorp declared that its board has authorized a stock repurchase plan on Wednesday, February 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Customers Bancorp Company 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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