South Dakota Investment Council Sells 55,259 Shares of Customers Bancorp, Inc $CUBI

South Dakota Investment Council decreased its position in Customers Bancorp, Inc (NYSE:CUBI) by 28.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 140,638 shares of the bank’s stock after selling 55,259 shares during the quarter. South Dakota Investment Council’s holdings in Customers Bancorp were worth $9,194,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CUBI. Farther Finance Advisors LLC boosted its position in Customers Bancorp by 63.1% in the third quarter. Farther Finance Advisors LLC now owns 672 shares of the bank’s stock valued at $44,000 after buying an additional 260 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Customers Bancorp in the first quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd raised its stake in shares of Customers Bancorp by 451.2% in the third quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank’s stock valued at $61,000 after acquiring an additional 767 shares during the last quarter. CX Institutional acquired a new position in shares of Customers Bancorp in the 3rd quarter worth approximately $67,000. Finally, Smartleaf Asset Management LLC grew its position in Customers Bancorp by 17.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,755 shares of the bank’s stock worth $115,000 after acquiring an additional 256 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

Customers Bancorp Stock Performance

Shares of NYSE:CUBI opened at $69.89 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. Customers Bancorp, Inc has a 1-year low of $40.75 and a 1-year high of $82.56. The stock has a market capitalization of $2.39 billion, a P/E ratio of 11.27 and a beta of 1.66. The business has a 50-day moving average price of $75.23 and a two-hundred day moving average price of $70.59.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.02. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. The company had revenue of $236.90 million for the quarter, compared to analyst estimates of $200.38 million. During the same quarter last year, the firm earned $1.36 EPS. Equities analysts predict that Customers Bancorp, Inc will post 6.45 earnings per share for the current year.

Customers Bancorp declared that its board has authorized a share buyback plan on Wednesday, February 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on CUBI shares. Zacks Research upgraded Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 26th. TD Cowen reaffirmed a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. Raymond James Financial reiterated a “strong-buy” rating and set a $95.00 price target on shares of Customers Bancorp in a research report on Tuesday, January 6th. Morgan Stanley raised their price objective on shares of Customers Bancorp from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $88.00.

Customers Bancorp Profile

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.