Great Lakes Advisors LLC Invests $8.10 Million in Customers Bancorp, Inc. (NYSE:CUBI)

Great Lakes Advisors LLC acquired a new position in shares of Customers Bancorp, Inc. (NYSE:CUBI) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 267,669 shares of the bank’s stock, valued at approximately $8,100,000. Great Lakes Advisors LLC owned approximately 0.86% of Customers Bancorp as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Customers Bancorp by 4.6% in the first quarter. BlackRock Inc. now owns 4,837,269 shares of the bank’s stock worth $252,216,000 after buying an additional 214,065 shares during the period. State Street Corp boosted its position in shares of Customers Bancorp by 56.3% in the first quarter. State Street Corp now owns 2,282,972 shares of the bank’s stock worth $119,034,000 after buying an additional 822,072 shares during the period. Vanguard Group Inc. boosted its position in shares of Customers Bancorp by 3.0% in the third quarter. Vanguard Group Inc. now owns 2,075,046 shares of the bank’s stock worth $61,172,000 after buying an additional 61,350 shares during the period. Federated Hermes Inc. boosted its position in shares of Customers Bancorp by 9.0% in the first quarter. Federated Hermes Inc. now owns 670,855 shares of the bank’s stock worth $12,424,000 after buying an additional 55,396 shares during the period. Finally, Toroso Investments LLC boosted its position in shares of Customers Bancorp by 74.6% in the first quarter. Toroso Investments LLC now owns 572,996 shares of the bank’s stock worth $10,612,000 after buying an additional 244,730 shares during the period. 82.12% of the stock is owned by institutional investors.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, CEO Jay S. Sidhu sold 100,000 shares of Customers Bancorp stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $39.42, for a total transaction of $3,942,000.00. Following the sale, the chief executive officer now directly owns 1,278,124 shares of the company’s stock, valued at $50,383,648.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Customers Bancorp news, CEO Jay S. Sidhu sold 100,000 shares of Customers Bancorp stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $39.42, for a total transaction of $3,942,000.00. Following the sale, the chief executive officer now directly owns 1,278,124 shares of the company’s stock, valued at $50,383,648.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Carla A. Leibold sold 16,619 shares of Customers Bancorp stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $34.33, for a total value of $570,530.27. Following the sale, the chief financial officer now directly owns 79,387 shares in the company, valued at $2,725,355.71. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 169,223 shares of company stock valued at $6,697,946. 9.40% of the stock is currently owned by corporate insiders.

Customers Bancorp Stock Up 6.1 %

CUBI stock opened at $46.38 on Friday. Customers Bancorp, Inc. has a twelve month low of $6.87 and a twelve month high of $46.63. The company has a market cap of $1.45 billion, a PE ratio of 7.37 and a beta of 1.60. The business’s 50-day simple moving average is $36.13 and its 200 day simple moving average is $32.94. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 1.20.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, October 26th. The bank reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.99. The business had revenue of $217.55 million for the quarter, compared to the consensus estimate of $182.29 million. Customers Bancorp had a return on equity of 18.13% and a net margin of 15.89%. On average, research analysts anticipate that Customers Bancorp, Inc. will post 7.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. StockNews.com assumed coverage on Customers Bancorp in a report on Thursday, October 5th. They set a “hold” rating for the company. Raymond James initiated coverage on Customers Bancorp in a report on Thursday, September 28th. They set a “strong-buy” rating and a $60.00 price objective for the company. Jefferies Financial Group cut their target price on Customers Bancorp from $51.00 to $42.00 in a report on Tuesday, October 10th. Piper Sandler raised their target price on Customers Bancorp from $40.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, November 2nd. Finally, DA Davidson raised their target price on Customers Bancorp from $42.00 to $53.00 and gave the company a “buy” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.63.

Customers Bancorp Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.