Principal Financial Group Inc. Has $16.68 Million Holdings in Customers Bancorp, Inc $CUBI

Principal Financial Group Inc. lessened its stake in shares of Customers Bancorp, Inc (NYSE:CUBI) by 17.1% in the 1st quarter, HoldingsChannel.com reports. The fund owned 240,333 shares of the bank’s stock after selling 49,523 shares during the period. Principal Financial Group Inc.’s holdings in Customers Bancorp were worth $16,682,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Arax Advisory Partners lifted its holdings in 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 purchasing an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Customers Bancorp during the third quarter valued at approximately $29,000. Jones Financial Companies Lllp acquired a new position in Customers Bancorp during the first quarter valued at approximately $37,000. Transamerica Financial Advisors LLC raised its position in shares of Customers Bancorp by 216.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock valued at $43,000 after purchasing an additional 404 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Customers Bancorp in the fourth quarter valued at approximately $105,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Insider Transactions at Customers Bancorp

In related news, CEO Samvir S. Sidhu acquired 1,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average price of $72.58 per share, with a total value of $72,580.00. Following the completion of the transaction, the chief executive officer owned 521,714 shares of the company’s stock, valued at approximately $37,866,002.12. This represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Jay S. Sidhu sold 60,315 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the transaction, the chairman directly owned 767,557 shares of the company’s stock, valued at $58,510,870.11. This represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 10.45% of the company’s stock.

Analyst Ratings Changes

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

Customers Bancorp Trading Down 1.0%

Shares of CUBI stock opened at $76.26 on Thursday. Customers Bancorp, Inc has a 1 year low of $59.34 and a 1 year high of $82.56. The firm’s fifty day simple moving average is $76.27 and its 200 day simple moving average is $74.50. The firm has a market capitalization of $2.58 billion, a P/E ratio of 9.68 and a beta of 1.48. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.09. The firm had revenue of $225.40 million during the quarter, compared to the consensus estimate of $223.51 million. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The business’s revenue was up 57.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.54 EPS. As a group, sell-side analysts predict that Customers Bancorp, Inc will post 8.35 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.