The Manufacturers Life Insurance Company Makes New $1.22 Million Investment in Customers Bancorp, Inc $CUBI

Key Points

• The Manufacturers Life Insurance Company acquired 15,377 shares of Customers Bancorp worth approximately $1.22 million in the second quarter. Institutional investors collectively own 89.29% of the company.
• Customers Bancorp reported quarterly EPS of $2.05, beating estimates of $2.00, while revenue rose 10.2% year over year to $227.28 million. Analysts have a consensus “Moderate Buy” rating and an average price target of $90.69.
• Customers Bancorp shares opened at $80.81, near their 12-month high of $84.38, while insiders have sold 100,000 shares worth about $7.98 million over the past 90 days.

The Manufacturers Life Insurance Company acquired a new stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 15,377 shares of the bank's stock, valued at approximately $1,216,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CUBI. Pinnacle Holdings LLC purchased a new position in Customers Bancorp in the 2nd quarter worth $1,374,000. Quantbot Technologies LP purchased a new stake in Customers Bancorp during the second quarter valued at about $1,693,000. De Lisle Partners LLP purchased a new stake in Customers Bancorp during the second quarter valued at about $4,721,000. Heartland Advisors Inc. bought a new position in shares of Customers Bancorp during the second quarter valued at about $11,865,000. Finally, Virtus Advisers LLC bought a new position in shares of Customers Bancorp during the second quarter valued at about $243,000. Institutional investors own 89.29% of the company's stock.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $80.81 on Friday. Customers Bancorp, Inc has a 12 month low of $59.34 and a 12 month high of $84.38. The stock has a market cap of $2.73 billion, a PE ratio of 9.85 and a beta of 1.47. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The company's fifty day moving average price is $79.10 and its 200-day moving average price is $75.21.

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

Analyst Ratings Changes

Several brokerages have weighed in on CUBI. Fundamental Research set a $94.00 price objective on Customers Bancorp in a research report on Wednesday, July 1st. JPMorgan Chase & Co. lifted their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Piper Sandler boosted their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. Weiss Ratings reissued a "buy (b)" rating on shares of Customers Bancorp in a research note on Monday, June 29th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a "market perform" rating in a report on Monday, August 3rd. One equities research 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $90.69.

Insiders Place Their Bets

In other Customers Bancorp news, Chairman Jay Sidhu sold 68,821 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the transaction, the chairman owned 667,757 shares of the company's stock, valued at approximately $53,480,658.13. This trade represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 100,000 shares of company stock valued at $7,981,084 in the last 90 days. 10.45% of the stock is currently owned by corporate insiders.

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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