Philadelphia Financial Management of San Francisco LLC Invests $8.87 Billion in Customers Bancorp, Inc $CUBI

Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Customers Bancorp, Inc (NYSE:CUBI) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 112,143 shares of the bank’s stock, valued at approximately $8,870,511,000. Customers Bancorp comprises approximately 1.8% of Philadelphia Financial Management of San Francisco LLC’s holdings, making the stock its 17th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Customers Bancorp in the second quarter worth $385,165,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock valued at $63,732,000 after purchasing an additional 844,141 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Customers Bancorp by 213.0% in the first quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock valued at $54,056,000 after acquiring an additional 529,987 shares during the last quarter. Anatole Investment Management Ltd purchased a new stake in shares of Customers Bancorp during the 2nd quarter worth about $17,593,000. Finally, Millennium Management LLC raised its holdings in Customers Bancorp by 448.8% in the third quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock valued at $21,427,000 after buying an additional 268,056 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.

Insider Activity

In other news, Chairman Jay S. Sidhu sold 68,821 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the transaction, the chairman owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 100,000 shares of company stock worth $7,981,084 over the last three months. Insiders own 10.45% of the company’s stock.

Customers Bancorp Trading Up 0.4%

CUBI opened at $78.59 on Thursday. Customers Bancorp, Inc has a 12-month low of $59.34 and a 12-month high of $84.38. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $2.65 billion, a PE ratio of 9.58 and a beta of 1.49. The firm’s fifty day moving average price is $78.96 and its 200 day moving average price is $74.96.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. During the same quarter in the prior year, the firm posted $1.80 earnings per share. Customers Bancorp’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, research analysts expect that Customers Bancorp, Inc will post 8.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the company. DA Davidson raised their price objective on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Fundamental Research set a $94.00 price target on Customers Bancorp in a research report on Wednesday, July 1st. JPMorgan Chase & Co. upped their price target on Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Finally, Piper Sandler increased their price objective 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. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Customers Bancorp has a consensus rating of “Moderate Buy” and an average target price of $90.69.

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.