Principal Financial Group Inc. Cuts Position in Customers Bancorp, Inc. (NYSE:CUBI)

Principal Financial Group Inc. decreased its position in Customers Bancorp, Inc. (NYSE:CUBI) by 20.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,981 shares of the bank’s stock after selling 36,559 shares during the quarter. Principal Financial Group Inc.’s holdings in Customers Bancorp were worth $6,456,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Customers Bancorp by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock valued at $107,575,000 after acquiring an additional 21,302 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Customers Bancorp by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after purchasing an additional 111,654 shares during the period. American Century Companies Inc. lifted its holdings in shares of Customers Bancorp by 14.6% during the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock worth $32,954,000 after acquiring an additional 87,557 shares during the period. Hood River Capital Management LLC boosted its stake in shares of Customers Bancorp by 94.3% in the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after purchasing an additional 266,462 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Customers Bancorp by 88.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after purchasing an additional 225,785 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Customers Bancorp

In related news, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now directly owns 66,256 shares of the company’s stock, valued at $3,556,622.08. The trade was a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jay S. Sidhu sold 860 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $54.73, for a total value of $47,067.80. Following the transaction, the chief executive officer now owns 1,189,738 shares in the company, valued at approximately $65,114,360.74. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,440 shares of company stock valued at $5,210,695. 6.92% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 15th. Piper Sandler reduced their price target on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. DA Davidson boosted their target price on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Hovde Group cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a research note on Friday, August 9th. Finally, Keefe, Bruyette & Woods cut Customers Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $57.00 to $52.00 in a research report on Monday, November 4th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $61.11.

Customers Bancorp Trading Up 0.3 %

CUBI opened at $53.92 on Thursday. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 8.75 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp, Inc. has a fifty-two week low of $42.31 and a fifty-two week high of $68.49. The company’s 50 day moving average price is $48.16 and its two-hundred day moving average price is $49.42.

Customers Bancorp (NYSE:CUBI) last announced its earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The business had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the previous year, the company earned $2.59 EPS. The firm’s revenue for the quarter was down 23.2% on a year-over-year basis. As a group, research analysts predict that Customers Bancorp, Inc. will post 5.63 earnings per share for the current year.

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.