Fifth Third Bancorp Purchases 15,460 Shares of Customers Bancorp, Inc $CUBI

Fifth Third Bancorp lifted its position in Customers Bancorp, Inc (NYSE:CUBI) by 2,688.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 16,035 shares of the bank’s stock after purchasing an additional 15,460 shares during the period. Fifth Third Bancorp’s holdings in Customers Bancorp were worth $1,113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CUBI. Hsbc Holdings PLC bought a new stake in shares of Customers Bancorp in the first quarter worth $519,000. Y Intercept Hong Kong Ltd lifted its holdings in Customers Bancorp by 62.6% in the first quarter. Y Intercept Hong Kong Ltd now owns 10,156 shares of the bank’s stock valued at $705,000 after acquiring an additional 3,910 shares during the period. Inspire Investing LLC lifted its holdings in Customers Bancorp by 16.2% in the first quarter. Inspire Investing LLC now owns 7,440 shares of the bank’s stock valued at $516,000 after acquiring an additional 1,036 shares during the period. Pictet Asset Management Holding SA boosted its position in Customers Bancorp by 13.6% in the first quarter. Pictet Asset Management Holding SA now owns 5,604 shares of the bank’s stock worth $389,000 after purchasing an additional 672 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in Customers Bancorp in the first quarter worth about $979,000. Institutional investors own 89.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CUBI shares. JPMorgan Chase & Co. boosted their price target on Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Customers Bancorp in a report on Monday, June 29th. Piper Sandler boosted their target price on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Fundamental Research set a $94.00 target price on shares of Customers Bancorp in a report on Wednesday, July 1st. Finally, DA Davidson upped their target price on shares of Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.62.

Insider Activity at Customers Bancorp

In related news, EVP Philip Watkins sold 3,000 shares of Customers Bancorp stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $75.67, for a total transaction of $227,010.00. Following the sale, the executive vice president owned 43,993 shares of the company’s stock, valued at approximately $3,328,950.31. This trade represents a 6.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Jay S. Sidhu sold 60,315 shares of the business’s 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 directly owned 767,557 shares in the company, valued at approximately $58,510,870.11. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.45% of the stock is owned by corporate insiders.

Customers Bancorp Trading Up 0.5%

Shares of Customers Bancorp stock opened at $76.50 on Friday. The company has a market capitalization of $2.59 billion, a P/E ratio of 9.33 and a beta of 1.48. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The company has a fifty day moving average of $76.40 and a 200 day moving average of $74.52. Customers Bancorp, Inc has a fifty-two week low of $59.34 and a fifty-two week high of $82.56.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.98% and a net margin of 19.07%.The business had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. During the same period last year, the firm earned $1.80 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that Customers Bancorp, Inc will post 8.37 earnings per share for the current fiscal year.

Customers Bancorp Company 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.