VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 20,450 Customers Bancorp, Inc $CUBI

Key Points

• Virginia Retirement Systems acquired 20,450 shares of Customers Bancorp worth approximately $1.62 million, while institutional investors collectively owned 89.29% of the company.
• Chairman Jay Sidhu sold 68,821 shares for about $5.51 million; insiders have sold 100,000 shares worth roughly $7.98 million over the past three months.
• Customers Bancorp reported quarterly EPS of $2.05, exceeding estimates by $0.05, with revenue up 10.2% year over year. Analysts maintain a “Moderate Buy” consensus and an average price target of $90.77 versus the stock’s $78.87 opening price.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 20,450 shares of the bank's stock, valued at approximately $1,618,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.06% of Customers Bancorp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Versant Capital Management Inc raised its stake in shares of Customers Bancorp by 41.0% during the 2nd quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock valued at $44,000 after buying an additional 163 shares during the last quarter. Lido Advisors LLC boosted its stake in shares of Customers Bancorp by 3.0% in the fourth quarter. Lido Advisors LLC now owns 6,135 shares of the bank's stock worth $412,000 after buying an additional 178 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Customers Bancorp by 0.5% in the third quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank's stock worth $2,226,000 after buying an additional 182 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Customers Bancorp by 1.3% during the fourth quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank's stock worth $1,289,000 after acquiring an additional 230 shares during the period. Finally, Bessemer Group Inc. grew its holdings in Customers Bancorp by 78.4% during the first quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock worth $37,000 after acquiring an additional 232 shares during the period. Hedge funds and other institutional investors own 89.29% of the company's stock.

Insider Transactions at Customers Bancorp

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 value of $5,511,873.89. Following the transaction, the chairman directly owned 667,757 shares of the company's stock, valued at $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 100,000 shares of company stock worth $7,981,084. 10.45% of the stock is currently owned by corporate insiders.

Customers Bancorp Stock Up 0.0%

NYSE CUBI opened at $78.87 on Friday. The business has a fifty day moving average price of $79.14 and a 200 day moving average price of $75.42. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $2.66 billion, a P/E ratio of 9.62 and a beta of 1.47. Customers Bancorp, Inc has a one year low of $59.34 and a one year high of $84.38.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.05. The business had revenue of $227.28 million during the quarter, compared to analysts' expectations of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.80 earnings per share. Research analysts anticipate that Customers Bancorp, Inc will post 8.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CUBI has been the topic of a number of recent analyst reports. DA Davidson increased their target price on Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Piper Sandler boosted their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Weiss Ratings restated a "buy (b)" rating on shares of Customers Bancorp in a research report on Monday, June 29th. JPMorgan Chase & Co. increased their price objective on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. Finally, Morgan Stanley cut shares of Customers Bancorp from an "equal weight" rating to an "underweight" rating and boosted their target price for the stock from $88.00 to $89.00 in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $90.77.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking services to businesses, institutions, professionals and individual consumers.

Customers Bank offers commercial and industrial lending, commercial real estate loans, small business financing, residential and consumer loans, deposit accounts, cash-management services and other treasury-management solutions. The bank also operates specialty and digital banking businesses designed to support technology companies, venture-backed businesses, financial institutions and other commercial clients.

Customers Bancorp was established in 2009 and has developed from a regional banking organization into a bank with both Mid-Atlantic operations and nationally oriented specialty-finance and digital capabilities.

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