VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 20,450 Customers Bancorp, Inc $CUBI

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Customers Bancorp, Inc (NYSE:CUBI) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 20,450 shares of the bank’s stock, valued at approximately $1,618,000.

Other institutional investors have also modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of Customers Bancorp by 11.5% in the first quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock valued at $269,000 after purchasing an additional 553 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 purchasing an additional 786 shares during the period. Millennium Management LLC boosted its holdings in Customers Bancorp by 71.4% in the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock valued at $13,791,000 after purchasing an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in Customers Bancorp in the 1st quarter valued at about $37,000. Finally, Creative Planning purchased a new stake in shares of Customers Bancorp in the 2nd quarter valued at approximately $250,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CUBI. JPMorgan Chase & Co. raised their price target on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. DA Davidson increased their price objective on Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Fundamental Research set a $94.00 price objective on Customers Bancorp in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their target price on Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Finally, Piper Sandler lifted their target price on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $90.77.

Insider Transactions at Customers Bancorp

In related news, Chairman Jay Sidhu sold 68,821 shares of the 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 transaction, the chairman owned 667,757 shares of the company’s stock, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders sold 100,000 shares of company stock worth $7,981,084. 10.45% of the stock is currently owned by corporate insiders.

Customers Bancorp Stock Up 0.0%

Shares of NYSE CUBI opened at $78.87 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $79.14 and its two-hundred day moving average is $75.42. Customers Bancorp, Inc has a 52-week low of $59.34 and a 52-week high of $84.38. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 9.62 and a beta of 1.47.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, topping the consensus estimate of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The business had revenue of $227.28 million during the quarter, compared to analyst estimates of $229.24 million. During the same period last year, the business posted $1.80 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Research analysts predict that Customers Bancorp, Inc will post 8.42 EPS for the current year.

Customers Bancorp Profile

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking services to businesses, institutions, professionals and individual consumers.

Customers Bank offers commercial and industrial lending, commercial real estate loans, small business financing, residential and consumer loans, deposit accounts, cash-management services and other treasury-management solutions. The bank also operates specialty and digital banking businesses designed to support technology companies, venture-backed businesses, financial institutions and other commercial clients.

Customers Bancorp was established in 2009 and has developed from a regional banking organization into a bank with both Mid-Atlantic operations and nationally oriented specialty-finance and digital capabilities.