New York State Teachers Retirement System Decreases Stock Position in Customers Bancorp, Inc $CUBI

Key Points

• New York State Teachers Retirement System cut its Customers Bancorp stake by 46.8% in the first quarter, leaving it with 21,342 shares worth about $1.48 million.
• Customers Bancorp reported better-than-expected quarterly results, posting EPS of $1.97 versus the $1.88 estimate and revenue of $225.4 million, up 57.9% year over year.
• Analysts remain generally positive on CUBI, with a Moderate Buy consensus and an average price target of $89.62, even as some insiders recently sold shares.

New York State Teachers Retirement System lessened its position in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 46.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,342 shares of the bank's stock after selling 18,801 shares during the quarter. New York State Teachers Retirement System owned about 0.06% of Customers Bancorp worth $1,481,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CUBI. Royal Bank of Canada raised its stake in Customers Bancorp by 11.5% in the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank's stock valued at $269,000 after purchasing an additional 553 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Customers Bancorp by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank's stock worth $885,000 after purchasing an additional 786 shares during the last quarter. Millennium Management LLC boosted its stake in Customers Bancorp by 71.4% during the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank's stock worth $13,791,000 after purchasing an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Customers Bancorp during the first quarter worth $37,000. Finally, Creative Planning purchased a new stake in shares of Customers Bancorp during the second quarter worth $250,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Customers Bancorp Trading Up 0.8%

CUBI stock traded up $0.57 during midday trading on Friday, hitting $76.65. 158,098 shares of the company's stock were exchanged, compared to its average volume of 334,708. The business has a 50-day simple moving average of $76.08 and a two-hundred day simple moving average of $74.39. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $2.59 billion, a PE ratio of 9.73 and a beta of 1.48. Customers Bancorp, Inc has a 1-year low of $59.34 and a 1-year high of $82.56.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 EPS for the quarter, beating the consensus estimate of $1.88 by $0.09. The business had revenue of $225.40 million for the quarter, compared to analyst estimates of $223.51 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The company's quarterly revenue was up 57.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.54 EPS. On average, sell-side analysts predict that Customers Bancorp, Inc will post 8.35 EPS for the current fiscal year.

Analysts Set New Price Targets

CUBI has been the topic of several research reports. Piper Sandler raised their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Hovde Group upped their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the company 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 objective for the company in a report on Monday, March 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of Customers Bancorp in a report on Monday, June 29th. Finally, DA Davidson raised their target price on shares of Customers Bancorp from $91.00 to $93.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $89.62.

Insider Activity at Customers Bancorp

In related news, Chairman Jay S. Sidhu sold 60,315 shares of the business's stock in a transaction dated 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 sale, the chairman directly owned 767,557 shares in the company, valued at approximately $58,510,870.11. The trade was a 7.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Philip Watkins sold 3,000 shares of the company's 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 directly owned 43,993 shares in the company, valued at $3,328,950.31. The trade was a 6.38% decrease in their position. The SEC filing for this sale provides additional information. 10.45% of the stock is owned by insiders.

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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