Intech Investment Management LLC Boosts Holdings in Customers Bancorp, Inc $CUBI

Key Points

• Intech Investment Management increased its stake in Customers Bancorp by 255.1% in the fourth quarter, buying 86,654 additional shares and ending with 120,617 shares worth about $8.82 million.
• 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 to $225.4 million.
• The bank’s board authorized a $100 million share buyback, while analysts currently hold a Moderate Buy consensus on the stock with an average price target of $87.50.

Intech Investment Management LLC lifted its stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 255.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,617 shares of the bank's stock after buying an additional 86,654 shares during the period. Intech Investment Management LLC owned approximately 0.35% of Customers Bancorp worth $8,820,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in Customers Bancorp by 1.8% during the 3rd quarter. Arizona State Retirement System now owns 8,879 shares of the bank's stock worth $580,000 after purchasing an additional 155 shares during the period. Alliancebernstein L.P. boosted its stake in Customers Bancorp by 0.5% during the 3rd quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank's stock worth $2,226,000 after purchasing an additional 182 shares during the period. Smartleaf Asset Management LLC boosted its stake in Customers Bancorp by 17.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,755 shares of the bank's stock worth $115,000 after purchasing an additional 256 shares during the period. Lido Advisors LLC boosted its stake in Customers Bancorp by 5.3% during the 3rd quarter. Lido Advisors LLC now owns 5,957 shares of the bank's stock worth $389,000 after purchasing an additional 300 shares during the period. Finally, Osaic Holdings Inc. boosted its stake in Customers Bancorp by 24.8% during the 2nd quarter. Osaic Holdings Inc. now owns 2,121 shares of the bank's stock worth $124,000 after purchasing an additional 421 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Stock Down 0.3%

CUBI stock opened at $75.16 on Friday. Customers Bancorp, Inc has a one year low of $49.54 and a one year high of $82.56. The stock has a market capitalization of $2.54 billion, a PE ratio of 9.54 and a beta of 1.52. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The company has a fifty day moving average of $73.75 and a 200-day moving average of $72.91.

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

Customers Bancorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CUBI shares. Hovde Group increased their price target on shares of Customers Bancorp from $80.00 to $86.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 28th. Stephens upgraded shares of Customers Bancorp from an "underweight" rating to an "equal weight" rating and set a $71.00 price target for the company in a research note on Monday, March 16th. Morgan Stanley decreased their price target on shares of Customers Bancorp from $92.00 to $83.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. JPMorgan Chase & Co. decreased their price target on shares of Customers Bancorp from $90.00 to $84.00 and set an "overweight" rating for the company in a research note on Wednesday, April 1st. Finally, Zacks Research cut shares of Customers Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Customers Bancorp has an average rating of "Moderate Buy" and a consensus price target of $87.50.

Insider Transactions at Customers Bancorp

In other news, Chairman Jay S. Sidhu sold 60,315 shares of the firm's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $76.23, for a total value of $4,597,812.45. Following the completion of the sale, the chairman owned 767,557 shares in the company, valued at approximately $58,510,870.11. This trade represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Samvir S. Sidhu bought 1,000 shares of Customers Bancorp stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average price of $72.58 per share, with a total value of $72,580.00. Following the purchase, the chief executive officer directly owned 521,714 shares in the company, valued at approximately $37,866,002.12. This trade represents a 0.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 10.45% of the company's stock.

Customers Bancorp 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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