Summit Global Investments Makes New Investment in Customers Bancorp, Inc $CUBI

Key Points

• Summit Global Investments acquired 12,850 shares of Customers Bancorp worth approximately $1.02 million, while institutional investors collectively own 89.29% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $90.69; JPMorgan raised its target to $94 and assigned an “overweight” rating.
• Customers Bancorp reported quarterly EPS of $2.05, beating estimates of $2.00, while revenue increased 10.2% year over year to $227.28 million. Shares opened at $83.64, near their 12-month high of $84.38.

Summit Global Investments purchased a new position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 12,850 shares of the bank's stock, valued at approximately $1,016,000.

Other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank's stock valued at $63,732,000 after acquiring an additional 844,141 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Customers Bancorp by 213.0% during the first quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank's stock valued at $54,056,000 after purchasing an additional 529,987 shares during the last quarter. Anatole Investment Management Ltd acquired a new position in Customers Bancorp during the second quarter valued at approximately $17,593,000. Millennium Management LLC raised its position in shares of Customers Bancorp by 448.8% in the third quarter. Millennium Management LLC now owns 327,784 shares of the bank's stock valued at $21,427,000 after purchasing an additional 268,056 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Customers Bancorp by 247,273.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank's stock valued at $16,279,000 after purchasing an additional 222,546 shares during the period. Institutional investors and hedge funds own 89.29% of the company's stock.

Analyst Upgrades and Downgrades

CUBI has been the subject of a number of analyst reports. Hovde Group boosted their price objective 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. Fundamental Research set a $94.00 target price on shares of Customers Bancorp in a report on Wednesday, July 1st. Keefe, Bruyette & Woods boosted their target price on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Morgan Stanley upped their price target on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Finally, JPMorgan Chase & Co. raised their price target on Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Customers Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $90.69.

Customers Bancorp Stock Up 0.3%

Shares of CUBI stock opened at $83.64 on Friday. Customers Bancorp, Inc has a 12 month low of $59.34 and a 12 month high of $84.38. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.83 billion, a PE ratio of 10.20 and a beta of 1.49. The stock has a 50 day moving average of $78.39 and a 200-day moving average of $74.88.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The business had revenue of $227.28 million for the quarter, compared to the consensus estimate of $229.24 million. During the same quarter last year, the company posted $1.80 earnings per share. Customers Bancorp's quarterly revenue was up 10.2% on a year-over-year basis. On average, equities analysts predict that Customers Bancorp, Inc will post 8.43 EPS for the current year.

Insiders Place Their Bets

In other Customers Bancorp news, Chairman Jay S. Sidhu sold 68,821 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value of $5,511,873.89. Following the completion of the sale, the chairman directly owned 667,757 shares of the company's stock, valued at $53,480,658.13. This represents a 9.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 160,315 shares of company stock valued at $12,578,896. 10.45% of the stock is owned by corporate insiders.

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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