Oregon Public Employees Retirement Fund Trims Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

Posted by Defense World Staff on Oct 24th, 2023

Oregon Public Employees Retirement Fund lessened its stake in Customers Bancorp, Inc. (NYSE:CUBI – Free Report) by 7.1% in the second quarter, Holdings Channel reports. The institutional investor owned 9,125 shares of the bank’s stock after selling 700 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Customers Bancorp were worth $276,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. SevenOneSeven Capital Management raised its stake in Customers Bancorp by 3.8% during the fourth quarter. SevenOneSeven Capital Management now owns 8,713 shares of the bank’s stock valued at $247,000 after buying an additional 315 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Customers Bancorp by 3.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,783 shares of the bank’s stock valued at $366,000 after acquiring an additional 328 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in Customers Bancorp by 1.5% during the first quarter. Great West Life Assurance Co. Can now owns 26,354 shares of the bank’s stock worth $1,410,000 after purchasing an additional 398 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Customers Bancorp by 81.0% in the second quarter. Fifth Third Bancorp now owns 970 shares of the bank’s stock worth $29,000 after purchasing an additional 434 shares during the period. Finally, Legal & General Group Plc increased its stake in Customers Bancorp by 0.7% during the second quarter. Legal & General Group Plc now owns 73,595 shares of the bank’s stock valued at $2,495,000 after purchasing an additional 486 shares during the last quarter. 82.12% of the stock is owned by institutional investors and hedge funds.

Customers Bancorp Stock Up 0.5 %

CUBI opened at $32.28 on Tuesday. The stock has a market cap of $1.00 billion, a P/E ratio of 5.81 and a beta of 1.65. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp, Inc. has a 12 month low of $6.87 and a 12 month high of $45.00. The stock’s 50 day moving average price is $33.90 and its 200 day moving average price is $30.03.

Customers Bancorp (NYSE:CUBI – Get Free Report) last released its earnings results on Friday, July 28th. The bank reported $1.65 EPS for the quarter, beating the consensus estimate of $1.42 by $0.23. Customers Bancorp had a net margin of 16.20% and a return on equity of 18.57%. The firm had revenue of $346.16 million for the quarter, compared to analysts’ expectations of $169.70 million. During the same quarter last year, the company earned $1.77 EPS. As a group, research analysts predict that Customers Bancorp, Inc. will post 6.43 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CUBI. StockNews.com assumed coverage on shares of Customers Bancorp in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Wedbush restated an “outperform” rating and issued a $50.00 target price on shares of Customers Bancorp in a research note on Wednesday, September 6th. Maxim Group increased their price target on Customers Bancorp from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, July 31st. Jefferies Financial Group reduced their price objective on Customers Bancorp from $51.00 to $42.00 in a research report on Tuesday, October 10th. Finally, Raymond James began coverage on Customers Bancorp in a research note on Thursday, September 28th. They set a “strong-buy” rating and a $60.00 price objective for the company. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $49.25.

Read Our Latest Analysis on Customers Bancorp

Insiders Place Their Bets

In other news, CFO Carla A. Leibold sold 16,619 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $34.33, for a total value of $570,530.27. Following the sale, the chief financial officer now owns 79,387 shares of the company’s stock, valued at approximately $2,725,355.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Carla A. Leibold sold 16,619 shares of Customers Bancorp stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $34.33, for a total value of $570,530.27. Following the transaction, the chief financial officer now owns 79,387 shares of the company’s stock, valued at approximately $2,725,355.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Glenn Hedde sold 7,792 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $41.00, for a total transaction of $319,472.00. Following the sale, the insider now directly owns 72,221 shares of the company’s stock, valued at $2,961,061. The disclosure for this sale can be found here. Insiders sold 64,372 shares of company stock worth $2,507,818 over the last ninety days. Company insiders own 9.40% of the company’s stock.

About Customers Bancorp

(Free Report)

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.