Summit Global Investments Acquires 7,408 Shares of Customers Bancorp, Inc $CUBI

Summit Global Investments grew its holdings in Customers Bancorp, Inc (NYSE:CUBI) by 93.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,335 shares of the bank’s stock after acquiring an additional 7,408 shares during the period. Summit Global Investments’ holdings in Customers Bancorp were worth $1,064,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Customers Bancorp in a research report on Monday, June 29th. DA Davidson boosted their price target on shares of Customers Bancorp from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Morgan Stanley increased their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Fundamental Research set a $94.00 price objective on Customers Bancorp in a research report on Wednesday, July 1st. Finally, Hovde Group lifted their target price on Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.62.

Insider Transactions at Customers Bancorp

In related news, Chairman Jay S. Sidhu sold 60,315 shares of Customers Bancorp stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total value of $4,597,812.45. Following the completion of the transaction, the chairman owned 767,557 shares in the company, valued at approximately $58,510,870.11. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Philip Watkins sold 3,000 shares of Customers Bancorp stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $75.67, for a total value of $227,010.00. Following the completion of the transaction, the executive vice president owned 43,993 shares of the company’s stock, valued at approximately $3,328,950.31. This represents a 6.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 10.45% of the company’s stock.

Customers Bancorp Trading Up 0.4%

CUBI stock opened at $77.10 on Wednesday. The firm has a fifty day moving average price of $76.20 and a 200 day moving average price of $74.47. Customers Bancorp, Inc has a fifty-two week low of $59.34 and a fifty-two week high of $82.56. 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 cap of $2.61 billion, a PE ratio of 9.78 and a beta of 1.48.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $223.51 million. During the same quarter in the prior year, the firm earned $1.54 earnings per share. Customers Bancorp’s revenue was up 57.9% on a year-over-year basis. Sell-side analysts anticipate that Customers Bancorp, Inc will post 8.35 earnings per share for the current fiscal year.

Customers Bancorp 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.