Customers Bancorp, Inc $CUBI Position Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in Customers Bancorp, Inc (NYSE:CUBI) by 17.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,333 shares of the bank’s stock after selling 49,523 shares during the quarter. Principal Financial Group Inc. owned 0.71% of Customers Bancorp worth $16,682,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Royal Bank of Canada increased 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 buying an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 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 worth $885,000 after acquiring an additional 786 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Customers Bancorp by 71.4% during the 1st 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 in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Customers Bancorp in the 1st quarter worth $37,000. Finally, Creative Planning acquired a new position in shares of Customers Bancorp in the 2nd quarter worth $250,000. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Trading Down 1.0%

Customers Bancorp stock opened at $76.26 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. Customers Bancorp, Inc has a 12 month low of $59.34 and a 12 month high of $82.56. The company’s fifty day simple moving average is $76.27 and its 200-day simple moving average is $74.50. The stock has a market cap of $2.58 billion, a P/E ratio of 9.68 and a beta of 1.48.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, April 23rd. The bank reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.88 by $0.09. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The firm had revenue of $225.40 million for the quarter, compared to the consensus estimate of $223.51 million. During the same quarter in the previous year, the company posted $1.54 earnings per share. The business’s quarterly revenue was up 57.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Customers Bancorp, Inc will post 8.35 EPS for the current fiscal year.

Insider Activity

In other news, CEO Samvir S. Sidhu purchased 1,000 shares of Customers Bancorp stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average cost of $72.58 per share, for a total transaction of $72,580.00. Following the acquisition, the chief executive officer directly owned 521,714 shares in the company, valued at $37,866,002.12. This represents a 0.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing 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 that occurred on 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 $58,510,870.11. This represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 10.45% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on CUBI shares. Fundamental Research set a $94.00 target price on Customers Bancorp in a report on Wednesday, July 1st. Hovde Group boosted their price objective on Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. Piper Sandler upped their price objective on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. DA Davidson raised their target price on shares of Customers Bancorp from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, April 27th. 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 issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.62.

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.