First Citizens Bank & Trust Co. Invests $435,000 in Customers Bancorp, Inc $CUBI

First Citizens Bank & Trust Co. acquired a new position in shares of Customers Bancorp, Inc (NYSE:CUBI) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,407 shares of the bank’s stock, valued at approximately $435,000.

A number of other institutional investors also recently modified their holdings of CUBI. Russell Investments Group Ltd. increased its position in Customers Bancorp by 5.2% during the first quarter. Russell Investments Group Ltd. now owns 80,652 shares of the bank’s stock worth $4,049,000 after acquiring an additional 3,958 shares during the period. Allianz Asset Management GmbH grew its position in shares of Customers Bancorp by 34.9% during the 1st quarter. Allianz Asset Management GmbH now owns 8,500 shares of the bank’s stock worth $427,000 after purchasing an additional 2,200 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Customers Bancorp during the second quarter worth approximately $418,000. Intech Investment Management LLC raised its position in shares of Customers Bancorp by 20.3% in the first quarter. Intech Investment Management LLC now owns 67,262 shares of the bank’s stock valued at $3,377,000 after buying an additional 11,346 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Customers Bancorp in the second quarter valued at approximately $239,000. Institutional investors own 89.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CUBI. Zacks Research lowered Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 26th. National Bankshares set a $89.00 target price on Customers Bancorp in a research report on Wednesday, September 24th. TD Cowen assumed coverage on Customers Bancorp in a report on Thursday, September 25th. They set a “buy” rating and a $89.00 target price on the stock. DA Davidson boosted their price target on Customers Bancorp from $69.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Finally, B. Riley upped their price objective on shares of Customers Bancorp from $85.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.88.

Customers Bancorp Stock Up 7.0%

Shares of NYSE CUBI opened at $70.16 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 14.23 and a beta of 1.55. Customers Bancorp, Inc has a 12 month low of $40.75 and a 12 month high of $72.51. The stock has a 50-day moving average price of $66.90 and a two-hundred day moving average price of $59.62.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Monday, September 8th. The bank reported $1.80 earnings per share for the quarter. The company had revenue of $206.82 million for the quarter. Customers Bancorp had a return on equity of 13.24% and a net margin of 12.43%. As a group, analysts forecast that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

About Customers Bancorp

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.