Great Lakes Advisors LLC Purchases New Stake in Customers Bancorp, Inc $CUBI

Great Lakes Advisors LLC acquired a new position in shares of Customers Bancorp, Inc (NYSE:CUBI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,238 shares of the bank’s stock, valued at approximately $810,000.

A number of other large investors have also recently bought and sold shares of CUBI. BlackRock Inc. acquired a new position in shares of Customers Bancorp in the 2nd quarter valued at approximately $385,165,000. Vanguard Group Inc. boosted its position in shares of Customers Bancorp by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank’s stock worth $162,424,000 after acquiring an additional 66,031 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Customers Bancorp by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank’s stock worth $134,859,000 after acquiring an additional 65,954 shares in the last quarter. State Street Corp boosted its position in shares of Customers Bancorp by 1.8% during the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock worth $133,998,000 after acquiring an additional 32,449 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Customers Bancorp by 3,074.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock valued at $63,732,000 after acquiring an additional 844,141 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Stock Up 0.3%

Shares of NYSE:CUBI opened at $79.84 on Friday. Customers Bancorp, Inc has a 52-week low of $59.34 and a 52-week high of $84.38. The company has a market capitalization of $2.70 billion, a PE ratio of 9.74 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 company has a fifty day moving average of $78.79 and a 200-day moving average of $74.97.

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

Insider Buying and Selling

In other news, Chairman Jay S. Sidhu sold 68,821 shares of Customers Bancorp stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the sale, the chairman directly owned 667,757 shares of the company’s stock, valued at approximately $53,480,658.13. This trade represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 160,315 shares of company stock valued at $12,578,896 in the last ninety days. 10.45% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CUBI. Hovde Group boosted their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research report on Tuesday, April 28th. DA Davidson raised their target price on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a report on Monday, July 27th. Morgan Stanley lifted their price target on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Piper Sandler boosted their price target on Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Fundamental Research set a $94.00 price target on Customers Bancorp in a report on Wednesday, July 1st. One equities 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.69.

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.