Customers Bancorp, Inc $CUBI Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in Customers Bancorp, Inc (NYSE:CUBI) by 46.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,342 shares of the bank’s stock after selling 18,801 shares during the quarter. New York State Teachers Retirement System’s holdings in Customers Bancorp were worth $1,481,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Y Intercept Hong Kong Ltd lifted its stake in Customers Bancorp by 62.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 10,156 shares of the bank’s stock worth $705,000 after acquiring an additional 3,910 shares in the last quarter. Inspire Investing LLC grew its position in Customers Bancorp by 16.2% in the 1st quarter. Inspire Investing LLC now owns 7,440 shares of the bank’s stock valued at $516,000 after acquiring an additional 1,036 shares in the last quarter. Pictet Asset Management Holding SA grew its position in Customers Bancorp by 13.6% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,604 shares of the bank’s stock valued at $389,000 after acquiring an additional 672 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Customers Bancorp during the first quarter worth about $979,000. Finally, Assenagon Asset Management S.A. increased its stake in Customers Bancorp by 213.0% during the first quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock worth $54,056,000 after purchasing an additional 529,987 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBI has been the topic of several research reports. Piper Sandler increased their price target 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 lifted their price objective 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. JPMorgan Chase & Co. upped their target price 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. Stephens upgraded shares of Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 target price on the stock in a report on Monday, March 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Customers Bancorp in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $89.62.

Insider Transactions at Customers Bancorp

In related news, CEO Samvir S. Sidhu bought 1,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average price of $72.58 per share, for a total transaction of $72,580.00. Following the acquisition, the chief executive officer owned 521,714 shares in the company, valued at approximately $37,866,002.12. This represents a 0.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Jay S. Sidhu sold 60,315 shares of the stock in a transaction on 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 completion of the transaction, the chairman directly owned 767,557 shares in the company, valued at $58,510,870.11. This trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 10.45% of the company’s stock.

Customers Bancorp Stock Up 0.8%

CUBI stock traded up $0.57 during trading on Friday, hitting $76.65. 158,098 shares of the company’s stock were exchanged, compared to its average volume of 334,708. The business has a 50-day moving average price of $76.08 and a two-hundred day moving average price of $74.39. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 9.73 and a beta of 1.48. Customers Bancorp, Inc has a 52-week low of $59.34 and a 52-week high of $82.56. 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 announced its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 EPS for the quarter, beating the consensus estimate of $1.88 by $0.09. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The company had revenue of $225.40 million for the quarter, compared to analyst estimates of $223.51 million. During the same period in the prior year, the firm posted $1.54 earnings per share. The firm’s revenue was up 57.9% on a year-over-year basis. As a group, equities research analysts expect that Customers Bancorp, Inc will post 8.35 EPS for the current year.

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.