Allspring Global Investments Holdings LLC Purchases 40,104 Shares of Customers Bancorp, Inc $CUBI

Allspring Global Investments Holdings LLC grew its position in Customers Bancorp, Inc (NYSE:CUBI) by 9.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 461,956 shares of the bank’s stock after acquiring an additional 40,104 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Customers Bancorp were worth $32,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Illinois Municipal Retirement Fund lifted its position in Customers Bancorp by 6.9% during the first quarter. Illinois Municipal Retirement Fund now owns 16,424 shares of the bank’s stock valued at $1,140,000 after purchasing an additional 1,060 shares during the last quarter. Hillsdale Investment Management Inc. raised its holdings in Customers Bancorp by 3,666.7% during the 1st quarter. Hillsdale Investment Management Inc. now owns 4,520 shares of the bank’s stock valued at $314,000 after buying an additional 4,400 shares during the period. Emerald Mutual Fund Advisers Trust lifted its position in Customers Bancorp by 14.1% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 242,313 shares of the bank’s stock worth $16,819,000 after buying an additional 29,956 shares during the last quarter. Emerald Advisers LLC lifted its position in Customers Bancorp by 3.9% in the first quarter. Emerald Advisers LLC now owns 343,209 shares of the bank’s stock worth $23,822,000 after buying an additional 12,899 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in Customers Bancorp by 2,688.7% during the first quarter. Fifth Third Bancorp now owns 16,035 shares of the bank’s stock worth $1,113,000 after buying an additional 15,460 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Stock Performance

Shares of NYSE:CUBI opened at $78.15 on Monday. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 9.92 and a beta of 1.48. Customers Bancorp, Inc has a 52 week low of $59.34 and a 52 week high of $82.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. The firm has a 50 day moving average of $76.08 and a 200 day moving average of $74.42.

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

Insider Buying and Selling at Customers Bancorp

In related news, Chairman Jay S. Sidhu sold 60,315 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $76.23, for a total transaction 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. The trade was a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Philip Watkins sold 3,000 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $75.67, for a total value of $227,010.00. Following the completion of the sale, the executive vice president directly owned 43,993 shares of the company’s stock, valued at $3,328,950.31. The trade was a 6.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 10.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CUBI shares. Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a report on Wednesday, July 1st. JPMorgan Chase & Co. raised their price target on Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Hovde Group boosted their price objective on Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a report on Tuesday, April 28th. Piper Sandler raised their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, Morgan Stanley lifted their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a 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 given a Hold rating to the company. According to data from MarketBeat.com, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.62.

Customers Bancorp Profile

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.