Fifth Third Bancorp Raises Stock Position in Customers Bancorp, Inc $CUBI

Fifth Third Bancorp grew its stake in Customers Bancorp, Inc (NYSE:CUBI) by 2,688.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,035 shares of the bank’s stock after purchasing an additional 15,460 shares during the quarter. Fifth Third Bancorp’s holdings in Customers Bancorp were worth $1,113,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Customers Bancorp by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank’s stock worth $162,424,000 after buying an additional 66,031 shares during the period. State Street Corp grew its holdings in shares of Customers Bancorp by 1.8% during the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock worth $133,998,000 after acquiring an additional 32,449 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Customers Bancorp by 3,074.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock worth $63,732,000 after acquiring an additional 844,141 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Customers Bancorp by 213.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock worth $54,056,000 after acquiring an additional 529,987 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Customers Bancorp by 9.2% in the 4th quarter. Geode Capital Management LLC now owns 757,845 shares of the bank’s stock worth $55,423,000 after acquiring an additional 63,984 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, Chairman Jay S. Sidhu sold 60,315 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the sale, the chairman directly owned 767,557 shares in the company, valued at approximately $58,510,870.11. This trade represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $227,010.00. Following the completion of the transaction, the executive vice president owned 43,993 shares of the company’s stock, valued at $3,328,950.31. This represents a 6.38% decrease in their position. The SEC filing for this sale provides additional information. 10.45% of the stock is currently owned by insiders.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $76.50 on Friday. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 9.33 and a beta of 1.48. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. Customers Bancorp, Inc has a one year low of $59.34 and a one year high of $82.56. The company’s 50-day moving average is $76.40 and its 200 day moving average is $74.52.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.05. The business 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 13.98%. The business’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 earned $1.80 earnings per share. Sell-side analysts expect that Customers Bancorp, Inc will post 8.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Morgan Stanley lifted their price target on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Fundamental Research set a $94.00 target price on shares of Customers Bancorp in a report on Wednesday, July 1st. JPMorgan Chase & Co. increased their price target on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Customers Bancorp in a research note on Monday, June 29th. Finally, DA Davidson lifted their target price on shares of Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.62.

About Customers Bancorp

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.