Summit Global Investments Purchases Shares of 12,850 Customers Bancorp, Inc $CUBI

Summit Global Investments acquired a new position in Customers Bancorp, Inc (NYSE:CUBI) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 12,850 shares of the bank’s stock, valued at approximately $1,016,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in Customers Bancorp by 247,273.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock worth $16,279,000 after purchasing an additional 222,546 shares during the period. Thrivent Financial for Lutherans increased its holdings in Customers Bancorp by 213.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 66,516 shares of the bank’s stock valued at $4,864,000 after buying an additional 45,299 shares during the period. HighTower Advisors LLC acquired a new position in shares of Customers Bancorp in the 4th quarter valued at $1,534,000. Intech Investment Management LLC lifted its holdings in shares of Customers Bancorp by 255.1% during the 4th quarter. Intech Investment Management LLC now owns 120,617 shares of the bank’s stock worth $8,820,000 after acquiring an additional 86,654 shares during the period. Finally, Hussman Strategic Advisors Inc. bought a new position in shares of Customers Bancorp during the 4th quarter worth about $768,000. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Stock Up 0.3%

CUBI opened at $83.64 on Friday. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 10.20 and a beta of 1.49. 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 firm’s 50-day simple moving average is $78.39 and its 200-day simple moving average is $74.88. Customers Bancorp, Inc has a twelve month low of $59.34 and a twelve month high of $84.38.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.05. The firm had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $1.80 EPS. Equities research analysts anticipate that Customers Bancorp, Inc will post 8.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CUBI. Piper Sandler upped their target price on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. raised their price target 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. Morgan Stanley lifted their price objective on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research note on Monday, June 29th. Finally, DA Davidson increased their target price on Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 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 data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.69.

Insider Activity

In other news, Chairman Jay S. Sidhu sold 68,821 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was 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. The trade was a 9.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 160,315 shares of company stock valued at $12,578,896 in the last three months. Insiders own 10.45% of the company’s stock.

Customers Bancorp Company Profile

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.