Empowered Funds LLC Acquires 7,121 Shares of Customers Bancorp, Inc $CUBI

Empowered Funds LLC boosted its holdings in shares of Customers Bancorp, Inc (NYSE:CUBI) by 4.9% in the first quarter, Holdings Channel.com reports. The fund owned 153,602 shares of the bank’s stock after buying an additional 7,121 shares during the quarter. Empowered Funds LLC’s holdings in Customers Bancorp were worth $10,662,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of Customers Bancorp by 11.5% in the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock valued at $269,000 after purchasing an additional 553 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Customers Bancorp by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after purchasing an additional 786 shares during the period. Millennium Management LLC grew its stake in shares of Customers Bancorp by 71.4% during the first quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after purchasing an additional 114,430 shares during the period. Jones Financial Companies Lllp bought a new stake in Customers Bancorp in the first quarter valued at about $37,000. Finally, Creative Planning bought a new stake in Customers Bancorp in the second quarter valued at about $250,000. Institutional investors own 89.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Fundamental Research set a $94.00 target price on Customers Bancorp in a report on Wednesday, July 1st. DA Davidson upped their price target on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research report on Monday, June 29th. JPMorgan Chase & Co. lifted their price objective on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Finally, Morgan Stanley boosted their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.15.

Insider Activity

In related news, Chairman Jay S. Sidhu sold 60,315 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total value of $4,597,812.45. Following the completion of the transaction, the chairman directly owned 767,557 shares in the company, valued at approximately $58,510,870.11. The trade was a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Philip Watkins sold 3,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president owned 43,993 shares of the company’s stock, valued at $3,328,950.31. This represents a 6.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 10.45% of the stock is currently owned by company insiders.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock opened at $78.30 on Friday. The stock’s fifty day simple moving average is $76.76 and its 200 day simple moving average is $74.52. 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 has a market capitalization of $2.65 billion, a PE ratio of 9.55 and a beta of 1.48. Customers Bancorp, Inc has a 12 month low of $59.34 and a 12 month high of $82.56.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm had revenue of $227.28 million during the quarter, compared to analysts’ expectations of $229.24 million. During the same period in the previous year, the firm earned $1.80 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that Customers Bancorp, Inc will post 8.38 EPS for the current year.

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.