South Dakota Investment Council Raises Stake in Customers Bancorp, Inc. (NYSE:CUBI)

South Dakota Investment Council grew its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 3.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 205,597 shares of the bank’s stock after purchasing an additional 6,298 shares during the quarter. South Dakota Investment Council owned approximately 0.66% of Customers Bancorp worth $10,008,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Customers Bancorp by 10.5% during the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock valued at $82,773,000 after purchasing an additional 169,982 shares during the period. Geode Capital Management LLC raised its holdings in shares of Customers Bancorp by 2.7% in the third quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock valued at $31,924,000 after acquiring an additional 17,941 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Customers Bancorp by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank’s stock valued at $23,665,000 after acquiring an additional 12,000 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Customers Bancorp by 88.9% in the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after acquiring an additional 225,785 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Customers Bancorp by 46.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 285,368 shares of the bank’s stock valued at $13,621,000 after acquiring an additional 90,451 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $53.16 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.77. Customers Bancorp, Inc. has a 52 week low of $42.31 and a 52 week high of $68.49. The business’s 50 day moving average price is $52.11 and its 200 day moving average price is $50.52. The firm has a market cap of $1.67 billion, a P/E ratio of 10.47 and a beta of 1.68.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.15. Customers Bancorp had a return on equity of 12.29% and a net margin of 13.07%. On average, sell-side analysts expect that Customers Bancorp, Inc. will post 6.45 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CUBI. Piper Sandler decreased their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Keefe, Bruyette & Woods lifted their price objective on Customers Bancorp from $62.00 to $67.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Stephens restated an “equal weight” rating and issued a $58.00 price objective on shares of Customers Bancorp in a report on Friday, January 24th. DA Davidson boosted their target price on shares of Customers Bancorp from $68.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Finally, B. Riley boosted their target price on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Customers Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $64.00.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, insider Glenn Hedde sold 15,815 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $58.25, for a total value of $921,223.75. Following the completion of the sale, the insider now directly owns 55,211 shares in the company, valued at $3,216,040.75. This represents a 22.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay S. Sidhu sold 67,000 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $56.82, for a total value of $3,806,940.00. Following the completion of the sale, the chief executive officer now owns 965,723 shares of the company’s stock, valued at approximately $54,872,380.86. The trade was a 6.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,988 shares of company stock valued at $6,627,318. 6.92% of the stock is owned by insiders.

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.