Allspring Global Investments Holdings LLC has raised its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 7.8% during the third quarter of 2023. The institutional investor reported owning 398,723 shares of the bank’s stock after acquiring an additional 28,928 shares within this period, according to a recent filing with the Securities and Exchange Commission (SEC). Allspring’s holdings in Customers Bancorp are now valued at approximately $25.7 million, constituting 1.26% of the company’s total shares.
Several other institutional investors have also adjusted their positions in Customers Bancorp. For instance, the Teacher Retirement System of Texas increased its holdings by 4.2% in the second quarter, bringing its total to 4,542 shares valued at $267,000. Additionally, EP Wealth Advisors LLC raised its stake by 5.3%, owning 4,431 shares worth $222,000 after acquiring 223 shares in the last quarter. Similarly, Concurrent Investment Advisors LLC lifted its holdings by 4.6%, while Russell Investments Group Ltd. boosted its position by 0.3% in the same quarter.
Another notable increase came from Farther Finance Advisors LLC, which grew its stake by an impressive 63.1% during the third quarter, now owning 672 shares valued at $44,000. Overall, institutional investors own approximately 89.29% of Customers Bancorp’s stock.
Insider transactions have also been significant. On November 24, Philip Watkins, Executive Vice President of the bank, sold 2,900 shares at an average price of $65.04, totaling $188,616. Following this transaction, he retained 50,849 shares valued at around $3.3 million, marking a 5.40% decrease in his holdings.
On December 3, Jay S. Sidhu, the Chief Executive Officer, sold 128,185 shares at an average price of $69.43, resulting in a total value of $8.9 million. After this sale, Sidhu owned 790,031 shares worth approximately $54.9 million, reflecting a 13.96% reduction in his position. Over the past three months, insiders have sold a total of 211,900 shares valued at about $14.6 million, with insiders owning 8.69% of the stock.
Current Stock Performance and Analyst Ratings
As of last Friday, shares of Customers Bancorp opened at $74.49. The company has a market capitalization of $2.55 billion, a price-to-earnings (P/E) ratio of 15.11, and a beta of 1.61. Over the past year, the stock has fluctuated between a low of $40.75 and a high of $78.33. The financial institution reported a current ratio of 0.98, a quick ratio of 0.98, and a debt-to-equity ratio of 0.67.
Customers Bancorp released its quarterly earnings data on September 8, reporting earnings per share of $1.80 and revenue of $206.82 million for the quarter. The bank achieved a net margin of 12.43% and a return on equity of 13.24%. Analysts project that Customers Bancorp will post earnings of $6.45 per share for the current year.
Research analysts have recently updated their price targets for Customers Bancorp. National Bankshares set a target price of $89.00 on September 24. Weiss Ratings maintained a “hold (c+)” rating, while Stephens raised its target from $62.00 to $68.00, assigning an “equal weight” rating. Hovde Group adjusted its price target from $70.00 to $75.00, with a “market perform” rating. Overall, five analysts have given Customers Bancorp a “Buy” rating, while six have assigned a “Hold” rating. The consensus target price stands at $83.67 according to MarketBeat.com.
About Customers Bancorp
Customers Bancorp, Inc. (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania. It is the parent company of Customers Bank, a federally chartered institution. The bank provides a comprehensive range of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking solutions. Customers Bancorp focuses on delivering tailored financial services to mid-market companies, small businesses, professionals, and individuals across the United States. Through its commercial banking division, the bank offers term loans, lines of credit, real estate financing, asset-based lending, and treasury management services.
