Renaissance Technologies LLC Raises Stock Position in Customers Bancorp, Inc $CUBI

Renaissance Technologies LLC grew its stake in shares of Customers Bancorp, Inc (NYSE:CUBI) by 34.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 179,720 shares of the bank’s stock after acquiring an additional 45,800 shares during the period. Renaissance Technologies LLC’s holdings in Customers Bancorp were worth $12,474,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Arax Advisory Partners grew its stake in Customers Bancorp by 218.9% in the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Customers Bancorp during the 3rd quarter valued at $29,000. Bessemer Group Inc. raised its position in Customers Bancorp by 78.4% during the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock valued at $37,000 after purchasing an additional 232 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in Customers Bancorp during the 1st quarter valued at $37,000. Finally, Transamerica Financial Advisors LLC lifted its holdings in shares of Customers Bancorp by 216.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after buying an additional 404 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Stock Up 0.5%

NYSE:CUBI opened at $78.61 on Friday. The company’s 50-day simple moving average is $76.83 and its 200-day simple moving average is $74.55. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00. Customers Bancorp, Inc has a fifty-two week low of $59.34 and a fifty-two week high of $82.56. The stock has a market capitalization of $2.66 billion, a P/E ratio of 9.59 and a beta of 1.48.

Customers Bancorp (NYSE:CUBI) last posted its 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. The company had revenue of $227.28 million during the quarter, compared to analysts’ expectations of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. Customers Bancorp’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.80 earnings per share. On average, equities analysts anticipate that Customers Bancorp, Inc will post 8.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

CUBI has been the topic of a number of recent research reports. Fundamental Research set a $94.00 price target on Customers Bancorp in a research report on Wednesday, July 1st. JPMorgan Chase & Co. lifted their price objective on Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Piper Sandler upped their price objective 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. DA Davidson increased their target price on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Morgan Stanley raised their target price on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.15.

Insider Transactions at Customers Bancorp

In related news, EVP Philip Watkins sold 3,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly owned 43,993 shares in the company, valued at $3,328,950.31. The trade was a 6.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Samvir S. Sidhu bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $72.58 per share, for a total transaction of $72,580.00. Following the completion of the purchase, the chief executive officer owned 521,714 shares in the company, valued at $37,866,002.12. The trade was a 0.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have sold 94,494 shares of company stock valued at $7,294,032. Corporate insiders own 10.45% of the company’s stock.

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.