Summit Global Investments Boosts Holdings in Customers Bancorp, Inc $CUBI

Summit Global Investments raised its position in shares of Customers Bancorp, Inc (NYSE:CUBI) by 93.5% during the first quarter, HoldingsChannel reports. The fund owned 15,335 shares of the bank’s stock after acquiring an additional 7,408 shares during the quarter. Summit Global Investments’ holdings in Customers Bancorp were worth $1,064,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Arax Advisory Partners lifted its holdings in shares of Customers Bancorp by 218.9% in the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after acquiring an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Customers Bancorp during the 3rd quarter valued at about $29,000. Bessemer Group Inc. grew its holdings in Customers Bancorp by 78.4% during the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock valued at $37,000 after purchasing an additional 232 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in Customers Bancorp in the 1st quarter worth about $37,000. Finally, Transamerica Financial Advisors LLC raised its position in Customers Bancorp by 216.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after purchasing an additional 404 shares during the period. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Up 0.4%

Shares of NYSE CUBI opened at $77.10 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 9.78 and a beta of 1.48. The stock has a 50 day moving average price of $76.20 and a 200 day moving average price of $74.47. Customers Bancorp, Inc has a 52-week low of $59.34 and a 52-week high of $82.56.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.09. The company had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $223.51 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.Customers Bancorp’s revenue was up 57.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 earnings per share. Sell-side analysts expect that Customers Bancorp, Inc will post 8.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CUBI. DA Davidson boosted their target price on Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Hovde Group increased their price target on Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Customers Bancorp in a research note on Monday, June 29th. Fundamental Research set a $94.00 price objective on Customers Bancorp in a report on Wednesday, July 1st. Finally, Piper Sandler boosted their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $89.62.

Insider Transactions at Customers Bancorp

In other news, EVP Philip Watkins sold 3,000 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $75.67, for a total transaction of $227,010.00. Following the transaction, the executive vice president owned 43,993 shares in the company, valued at approximately $3,328,950.31. This trade represents a 6.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Jay S. Sidhu sold 60,315 shares of Customers Bancorp stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $76.23, for a total value of $4,597,812.45. Following the completion of the sale, the chairman owned 767,557 shares of the company’s stock, valued at $58,510,870.11. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate 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.