Principal Financial Group Inc. Grows Position in Customers Bancorp, Inc $CUBI

Principal Financial Group Inc. grew its stake in Customers Bancorp, Inc (NYSE:CUBI) by 23.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 179,762 shares of the bank’s stock after buying an additional 34,081 shares during the period. Principal Financial Group Inc. owned 0.57% of Customers Bancorp worth $11,751,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Arizona State Retirement System raised its stake in Customers Bancorp by 1.8% in the 3rd quarter. Arizona State Retirement System now owns 8,879 shares of the bank’s stock worth $580,000 after acquiring an additional 155 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Customers Bancorp by 4.2% in the second quarter. Teacher Retirement System of Texas now owns 4,542 shares of the bank’s stock worth $267,000 after purchasing an additional 185 shares during the last quarter. Concurrent Investment Advisors LLC boosted its position in Customers Bancorp by 4.6% in the second quarter. Concurrent Investment Advisors LLC now owns 5,562 shares of the bank’s stock valued at $327,000 after buying an additional 243 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Customers Bancorp by 0.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 80,896 shares of the bank’s stock worth $4,752,000 after buying an additional 244 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in Customers Bancorp by 63.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock worth $44,000 after buying an additional 260 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, EVP Philip Watkins sold 2,900 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $65.04, for a total value of $188,616.00. Following the completion of the sale, the executive vice president owned 50,849 shares in the company, valued at approximately $3,307,218.96. This represents a 5.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jay S. Sidhu sold 128,185 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $69.43, for a total transaction of $8,899,884.55. Following the completion of the transaction, the chief executive officer directly owned 790,031 shares in the company, valued at $54,851,852.33. This trade represents a 13.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 138,564 shares of company stock worth $9,612,479. 8.69% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CUBI has been the topic of several recent research reports. DA Davidson upped their price objective on shares of Customers Bancorp from $93.00 to $95.00 and gave the company a “buy” rating in a report on Monday, January 26th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $95.00 price target on shares of Customers Bancorp in a research report on Tuesday, January 6th. TD Cowen reissued a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. Zacks Research upgraded Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 26th. Finally, Stephens downgraded Customers Bancorp from an “equal weight” rating to an “underweight” rating and set a $71.00 price target for the company. in a report on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.80.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $71.07 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. Customers Bancorp, Inc has a 12-month low of $40.75 and a 12-month high of $82.56. The business’s 50 day moving average is $75.85 and its two-hundred day moving average is $69.83. The company has a market capitalization of $2.43 billion, a P/E ratio of 11.46 and a beta of 1.65.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.02. The company had revenue of $236.90 million for the quarter, compared to analysts’ expectations of $200.38 million. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.During the same period in the previous year, the firm posted $1.36 EPS. Analysts expect that Customers Bancorp, Inc will post 6.45 EPS for the current fiscal year.

Customers Bancorp announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

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.