Wellington Management Group LLP Acquires 145,956 Shares of Customers Bancorp, Inc $CUBI

Wellington Management Group LLP raised its stake in Customers Bancorp, Inc (NYSE:CUBI) by 3.8% in the second quarter, Holdings Channel reports. The fund owned 4,035,500 shares of the bank’s stock after purchasing an additional 145,956 shares during the quarter. Wellington Management Group LLP owned 0.12% of Customers Bancorp worth $319,208,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Customers Bancorp by 11.5% during the first quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock valued at $269,000 after purchasing an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Customers Bancorp by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after purchasing an additional 786 shares during the period. Millennium Management LLC lifted its holdings in Customers Bancorp by 71.4% during the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after buying an additional 114,430 shares during the period. Jones Financial Companies Lllp bought a new stake in Customers Bancorp in the first quarter valued at approximately $37,000. Finally, Creative Planning bought a new stake in shares of Customers Bancorp in the 2nd quarter valued at $250,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CUBI. Piper Sandler raised their target price on Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Fundamental Research set a $94.00 target price on Customers Bancorp in a research report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Customers Bancorp in a research report on Monday, June 29th. Morgan Stanley lifted their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Keefe, Bruyette & Woods upped 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. One equities research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.69.

Insiders Place Their Bets

In other Customers Bancorp news, Chairman Jay S. Sidhu sold 68,821 shares of Customers Bancorp stock in a transaction dated Monday, August 3rd. The stock was 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 of the company’s stock, valued at $53,480,658.13. The trade was a 9.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 100,000 shares of company stock worth $7,981,084. 10.45% of the stock is owned by insiders.

Customers Bancorp Stock Down 0.0%

Customers Bancorp stock opened at $78.57 on Monday. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 9.58 and a beta of 1.49. Customers Bancorp, Inc has a 1-year low of $59.34 and a 1-year high of $84.38. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The firm has a 50 day simple moving average of $79.08 and a 200 day simple moving average of $75.00.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.05. The company had revenue of $227.28 million for the quarter, compared to analyst estimates of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.80 EPS. On average, analysts predict that Customers Bancorp, Inc will post 8.43 earnings per share for the current 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.