Thrivent Financial for Lutherans Raises Stake in Customers Bancorp, Inc $CUBI

Key Points

• Thrivent Financial for Lutherans increased its Customers Bancorp stake by 213.5% in the fourth quarter, ending with 66,516 shares valued at about $4.86 million.
• Customers Bancorp reported strong quarterly results, with EPS of $1.97 beating estimates and revenue rising 57.9% year over year to $225.4 million.
• The bank’s board authorized a $100 million stock buyback, while analysts currently rate the stock a “Moderate Buy” with an average price target of $87.50.

Thrivent Financial for Lutherans boosted its stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 213.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,516 shares of the bank's stock after purchasing an additional 45,299 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.19% of Customers Bancorp worth $4,864,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Customers Bancorp in the third quarter worth about $29,000. Jones Financial Companies Lllp purchased a new position in Customers Bancorp during the first quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd grew its stake in Customers Bancorp by 451.2% during the third quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank's stock valued at $61,000 after acquiring an additional 767 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings 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 acquiring an additional 256 shares during the period. Finally, KBC Group NV lifted its stake in Customers Bancorp by 59.7% in the 4th quarter. KBC Group NV now owns 1,595 shares of the bank's stock worth $117,000 after purchasing an additional 596 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Price Performance

Shares of Customers Bancorp stock opened at $75.65 on Friday. The firm has a market capitalization of $2.56 billion, a PE ratio of 9.60 and a beta of 1.52. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. Customers Bancorp, Inc has a 12 month low of $49.54 and a 12 month high of $82.56. The business's 50-day moving average price is $72.59 and its 200-day moving average price is $72.60.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm earned $1.54 earnings per share. Customers Bancorp's revenue for the quarter was up 57.9% on a year-over-year basis. Sell-side analysts forecast that Customers Bancorp, Inc will post 8.52 EPS for the current fiscal year.

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

Insiders Place Their Bets

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

Analyst Ratings Changes

Several research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Customers Bancorp from $90.00 to $84.00 and set an "overweight" rating for the company in a report on Wednesday, April 1st. Maxim Group set a $100.00 price objective on Customers Bancorp in a research note on Monday, January 26th. Morgan Stanley reduced their target price on Customers Bancorp from $92.00 to $83.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. Stephens upgraded Customers Bancorp from an "underweight" rating to an "equal weight" rating and set a $71.00 target price on the stock in a research note on Monday, March 16th. Finally, DA Davidson raised their price target on Customers Bancorp from $91.00 to $93.00 and gave the company a "buy" rating in a report on Monday, April 27th. One 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 company's stock. According to MarketBeat.com, Customers Bancorp currently has an average rating of "Moderate Buy" and an average 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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