Corebridge Financial Inc. Has $767,000 Position in Customers Bancorp, Inc. (NYSE:CUBI)

Corebridge Financial Inc. cut its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,751 shares of the bank’s stock after selling 1,242 shares during the period. Corebridge Financial Inc. owned 0.05% of Customers Bancorp worth $767,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Customers Bancorp by 10.5% during the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after acquiring an additional 169,982 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Customers Bancorp by 46.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 285,368 shares of the bank’s stock valued at $13,621,000 after purchasing an additional 90,451 shares during the period. First Eagle Investment Management LLC acquired a new position in Customers Bancorp in the 4th quarter valued at $3,379,000. Tieton Capital Management LLC increased its position in Customers Bancorp by 22.9% during the 4th quarter. Tieton Capital Management LLC now owns 290,373 shares of the bank’s stock worth $14,135,000 after buying an additional 54,170 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Customers Bancorp during the fourth quarter worth $2,543,000. 89.29% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Jay S. Sidhu sold 67,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $56.82, for a total value of $3,806,940.00. Following the sale, the chief executive officer now directly owns 965,723 shares in the company, valued at $54,872,380.86. This represents a 6.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Glenn Hedde sold 15,815 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $58.25, for a total transaction of $921,223.75. Following the transaction, the insider now owns 55,211 shares of the company’s stock, valued at approximately $3,216,040.75. The trade was a 22.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,988 shares of company stock valued at $6,627,318. Insiders own 6.92% of the company’s stock.

Customers Bancorp Stock Down 5.1 %

Shares of NYSE:CUBI opened at $43.25 on Monday. The company has a market capitalization of $1.36 billion, a PE ratio of 8.51 and a beta of 1.47. Customers Bancorp, Inc. has a 52-week low of $40.75 and a 52-week high of $68.49. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.95 and a current ratio of 0.96. The company has a fifty day moving average of $53.25 and a 200-day moving average of $50.97.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.15. Customers Bancorp had a return on equity of 12.29% and a net margin of 13.07%. On average, equities analysts predict that Customers Bancorp, Inc. will post 6.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CUBI shares. Maxim Group upped their price target on shares of Customers Bancorp from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Stephens restated an “equal weight” rating and set a $58.00 target price on shares of Customers Bancorp in a research report on Friday, January 24th. Keefe, Bruyette & Woods lifted their price target on shares of Customers Bancorp from $62.00 to $67.00 and gave the company a “market perform” rating in a research report on Monday, January 27th. Finally, DA Davidson increased their price target on Customers Bancorp from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Customers Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $64.00.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.