Jackson Creek Investment Advisors LLC Takes Position in Customers Bancorp, Inc $CUBI

Key Points

• Jackson Creek Investment Advisors opened a new position in Customers Bancorp, buying 26,036 shares worth about $1.9 million in the fourth quarter.
• Customers Bancorp reported better-than-expected quarterly earnings of $1.97 per share, with revenue rising 57.9% year over year to $225.4 million.
• The bank also authorized a $100 million share buyback, while analysts currently rate the stock a Moderate Buy with a consensus price target of $87.50.

Jackson Creek Investment Advisors LLC acquired a new stake in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 26,036 shares of the bank's stock, valued at approximately $1,904,000. Jackson Creek Investment Advisors LLC owned 0.08% of Customers Bancorp at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CUBI. Anatole Investment Management Ltd bought a new stake in shares of Customers Bancorp during the 2nd quarter valued at $17,593,000. Millennium Management LLC grew its position in shares of Customers Bancorp by 448.8% during the 3rd quarter. Millennium Management LLC now owns 327,784 shares of the bank's stock valued at $21,427,000 after acquiring an additional 268,056 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Customers Bancorp by 247,273.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank's stock valued at $16,279,000 after acquiring an additional 222,546 shares during the period. Balyasny Asset Management L.P. grew its position in shares of Customers Bancorp by 3,173.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 158,429 shares of the bank's stock valued at $10,357,000 after acquiring an additional 153,589 shares during the period. Finally, Invesco Ltd. grew its position in shares of Customers Bancorp by 93.1% during the 2nd quarter. Invesco Ltd. now owns 234,782 shares of the bank's stock valued at $13,791,000 after acquiring an additional 113,172 shares during the period. Institutional investors own 89.29% of the company's stock.

Customers Bancorp Trading Up 2.5%

Shares of CUBI stock opened at $77.00 on Wednesday. Customers Bancorp, Inc has a 52-week low of $49.54 and a 52-week high of $82.56. 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 firm has a market capitalization of $2.60 billion, a PE ratio of 9.77 and a beta of 1.52. The stock has a fifty day simple moving average of $73.18 and a two-hundred day simple moving average of $72.78.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.88 by $0.09. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The business had revenue of $225.40 million during the quarter, compared to analyst estimates of $223.51 million. During the same quarter in the prior year, the business posted $1.54 EPS. Customers Bancorp's revenue for the quarter was up 57.9% compared to the same quarter last year. On average, analysts predict that Customers Bancorp, Inc will post 8.52 EPS for the current fiscal year.

Customers Bancorp declared that its Board of Directors has approved a share buyback plan on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to buy up to 4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Activity

In other Customers Bancorp news, EVP Philip Watkins sold 3,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $75.67, for a total transaction of $227,010.00. Following the completion of the transaction, the executive vice president owned 43,993 shares of the company's stock, valued at $3,328,950.31. This represents a 6.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Samvir S. Sidhu acquired 1,000 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $72.58 per share, with a total value of $72,580.00. Following the acquisition, the chief executive officer directly owned 521,714 shares in the company, valued at approximately $37,866,002.12. The trade was a 0.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 10.45% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. DA Davidson boosted their price objective on shares of Customers Bancorp from $91.00 to $93.00 and gave the company a "buy" rating in a research report on Monday, April 27th. 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 report on Monday, March 16th. JPMorgan Chase & Co. dropped 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 report on Wednesday, April 1st. Hovde Group upped 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 report on Tuesday, April 28th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $86.00 target price (up from $82.00) on shares of Customers Bancorp in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.50.

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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