Illinois Municipal Retirement Fund Reduces Stock Position in Customers Bancorp, Inc. (NYSE:CUBI)

Illinois Municipal Retirement Fund cut its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 13.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,328 shares of the bank’s stock after selling 2,398 shares during the period. Illinois Municipal Retirement Fund’s holdings in Customers Bancorp were worth $883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CUBI. Wellington Management Group LLP grew its position in Customers Bancorp by 28.7% in the third quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock worth $73,454,000 after acquiring an additional 475,907 shares during the period. Federated Hermes Inc. grew its position in Customers Bancorp by 3,784.1% in the fourth quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock worth $7,963,000 after acquiring an additional 134,638 shares during the period. Assenagon Asset Management S.A. grew its position in Customers Bancorp by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock worth $10,554,000 after acquiring an additional 91,311 shares during the period. Quantedge Capital Pte Ltd purchased a new position in Customers Bancorp in the third quarter worth approximately $2,181,000. Finally, Victory Capital Management Inc. purchased a new position in Customers Bancorp in the third quarter worth approximately $1,712,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on CUBI. Jefferies Financial Group increased their price objective on Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Wedbush lowered their price objective on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday. B. Riley upped their price target on Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Finally, Raymond James upped their price target on Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.29.

Insider Activity

In related news, insider Glenn Hedde sold 666 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the transaction, the insider now owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Glenn Hedde sold 666 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the transaction, the insider now owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company’s stock.

Customers Bancorp Stock Down 5.5 %

Shares of NYSE CUBI opened at $46.82 on Monday. The stock has a market cap of $1.47 billion, a P/E ratio of 6.54 and a beta of 1.67. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.92. Customers Bancorp, Inc. has a 12-month low of $15.80 and a 12-month high of $60.09. The business’s fifty day simple moving average is $51.40 and its 200-day simple moving average is $49.10.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Friday, April 26th. The bank reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.06. The business had revenue of $181.62 million for the quarter, compared to analysts’ expectations of $183.48 million. Customers Bancorp had a return on equity of 18.62% and a net margin of 16.88%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period last year, the firm earned $1.58 earnings per share. As a group, equities analysts predict that Customers Bancorp, Inc. will post 6.85 EPS for the current fiscal year.

Customers Bancorp Company 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.