Principal Financial Group Inc. Raises Holdings in Customers Bancorp, Inc (NYSE:CUBI)

Principal Financial Group Inc. boosted its position in Customers Bancorp, Inc (NYSE:CUBI) by 2.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 145,201 shares of the bank’s stock after acquiring an additional 3,802 shares during the period. Principal Financial Group Inc. owned about 0.46% of Customers Bancorp worth $7,289,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Picton Mahoney Asset Management raised its holdings in Customers Bancorp by 47.7% in the 4th quarter. Picton Mahoney Asset Management now owns 585 shares of the bank’s stock valued at $28,000 after acquiring an additional 189 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Customers Bancorp in the 4th quarter valued at $46,000. GAMMA Investing LLC grew its stake in shares of Customers Bancorp by 27.2% during the 1st quarter. GAMMA Investing LLC now owns 1,887 shares of the bank’s stock valued at $95,000 after buying an additional 403 shares during the period. Summit Investment Advisors Inc. grew its stake in shares of Customers Bancorp by 8.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,098 shares of the bank’s stock valued at $151,000 after buying an additional 254 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of Customers Bancorp during the 4th quarter valued at $202,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Trading Down 2.7%

Customers Bancorp stock opened at $62.31 on Wednesday. The firm has a 50 day simple moving average of $55.29 and a 200-day simple moving average of $52.31. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $1.97 billion, a PE ratio of 15.69 and a beta of 1.55. Customers Bancorp, Inc has a 12-month low of $40.75 and a 12-month high of $68.49.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, April 24th. The bank reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.26. The firm had revenue of $194.28 million during the quarter, compared to analysts’ expectations of $165.24 million. Customers Bancorp had a net margin of 10.51% and a return on equity of 11.64%. During the same period last year, the firm posted $1.68 earnings per share. As a group, equities research analysts expect that Customers Bancorp, Inc will post 6.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CUBI. Wall Street Zen cut shares of Customers Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. Keefe, Bruyette & Woods upped their price target on shares of Customers Bancorp from $65.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday, July 11th. Finally, B. Riley upped their price target on shares of Customers Bancorp from $81.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $65.33.

About Customers Bancorp

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.