Legal & General Group Plc Makes New $5.70 Million Investment in Customers Bancorp, Inc $CUBI

Legal & General Group Plc purchased a new stake in Customers Bancorp, Inc (NYSE:CUBI) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 72,107 shares of the bank’s stock, valued at approximately $5,704,000.

A number of other hedge funds have also modified their holdings of the business. Royal Bank of Canada lifted its stake in Customers Bancorp by 11.5% in the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock valued at $269,000 after buying an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Customers Bancorp by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after buying an additional 786 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Customers Bancorp by 71.4% in the first quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after acquiring an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Customers Bancorp in the first quarter worth $37,000. Finally, Creative Planning purchased a new stake in shares of Customers Bancorp in the second quarter valued at $250,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Stock Up 0.9%

CUBI opened at $79.37 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 9.68 and a beta of 1.47. The business has a 50-day moving average of $79.10 and a two-hundred day moving average of $75.17. Customers Bancorp, Inc has a 12 month low of $59.34 and a 12 month high of $84.38.

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

Wall Street Analyst Weigh In

A number of research firms recently commented on CUBI. Piper Sandler increased their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. upped their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. DA Davidson lifted their price target on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Fundamental Research set a $94.00 price objective on shares of Customers Bancorp in a research report on Wednesday, July 1st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Customers Bancorp in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $90.69.

Insider Buying and Selling

In other Customers Bancorp news, Chairman Jay Sidhu sold 68,821 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the transaction, the chairman owned 667,757 shares of the company’s stock, valued at $53,480,658.13. This trade represents a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 100,000 shares of company stock worth $7,981,084 over the last ninety days. 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.