Vanguard Group Inc. Acquires 66,031 Shares of Customers Bancorp, Inc $CUBI

Key Points

• Vanguard boosted its stake in Customers Bancorp by 3.1% in the fourth quarter, buying 66,031 additional shares and bringing its total holdings to 2.22 million shares, worth about $162.4 million.
• Wall Street sentiment is mixed but generally positive: the stock carries a consensus rating of “Moderate Buy,” with a consensus price target of $87.50, though some firms have recently downgraded or held their views.
• Customers Bancorp recently posted strong results and approved buybacks, reporting Q1 EPS of $1.97 versus $1.88 expected and authorizing a $100 million share repurchase plan covering up to 4% of shares outstanding.

Vanguard Group Inc. raised its holdings in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,221,339 shares of the bank's stock after purchasing an additional 66,031 shares during the quarter. Vanguard Group Inc. owned approximately 6.50% of Customers Bancorp worth $162,424,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. American Century Companies Inc. raised its position in Customers Bancorp by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 945,825 shares of the bank's stock valued at $61,829,000 after purchasing an additional 69,200 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Customers Bancorp by 5.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 421,852 shares of the bank's stock worth $31,428,000 after acquiring an additional 23,129 shares during the last quarter. Tidal Investments LLC raised its position in shares of Customers Bancorp by 13.9% during the third quarter. Tidal Investments LLC now owns 343,979 shares of the bank's stock worth $22,486,000 after acquiring an additional 41,997 shares during the last quarter. Millennium Management LLC raised its position in shares of Customers Bancorp by 448.8% during the third quarter. Millennium Management LLC now owns 327,784 shares of the bank's stock worth $21,427,000 after acquiring an additional 268,056 shares during the last quarter. Finally, Anatole Investment Management Ltd bought a new stake in shares of Customers Bancorp during the second quarter worth $17,593,000. Institutional investors own 89.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CUBI shares. B. Riley Financial restated a "buy" rating on shares of Customers Bancorp in a research report on Monday, January 26th. Zacks Research downgraded Customers Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 10th. Stephens upgraded Customers Bancorp from an "underweight" rating to an "equal weight" rating and set a $71.00 target price for the company in a research report on Monday, March 16th. Hovde Group boosted their target price on 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, Weiss Ratings upgraded Customers Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Customers Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $87.50.

Customers Bancorp Trading Up 0.1%

NYSE CUBI opened at $77.32 on Monday. The stock has a 50-day simple moving average of $71.57 and a 200 day simple moving average of $72.09. The company has a market capitalization of $2.60 billion, a PE ratio of 9.81 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.

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

Customers Bancorp announced that its board has approved a share repurchase plan on Wednesday, February 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

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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