Principal Financial Group Inc. Has $6.46 Million Position in Customers Bancorp, Inc. (NYSE:CUBI)

Principal Financial Group Inc. cut its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 20.8% during the 3rd quarter, Holdings Channel reports. The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of CUBI. CWM LLC grew its holdings in Customers Bancorp by 14.2% during the third quarter. CWM LLC now owns 2,198 shares of the bank’s stock worth $102,000 after purchasing an additional 274 shares during the period. GAMMA Investing LLC boosted its stake in shares of Customers Bancorp by 21.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after acquiring an additional 282 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Customers Bancorp by 10.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,850 shares of the bank’s stock worth $281,000 after acquiring an additional 549 shares during the last quarter. Inspire Investing LLC raised its stake in Customers Bancorp by 8.3% in the 2nd quarter. Inspire Investing LLC now owns 7,303 shares of the bank’s stock valued at $350,000 after acquiring an additional 557 shares during the period. Finally, Basswood Capital Management L.L.C. acquired a new stake in Customers Bancorp during the 3rd quarter valued at $26,000. 89.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on CUBI shares. Piper Sandler dropped their price objective on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Stephens increased their price target on shares of Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. B. Riley raised their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. Finally, StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Six equities research 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 stock. According to data from MarketBeat, Customers Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.22.

Insider Transactions at Customers Bancorp

In other news, insider Glenn Hedde sold 5,002 shares of Customers Bancorp stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now owns 66,256 shares in the company, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $56.54, for a total value of $4,895,120.12. Following the sale, the chief executive officer now owns 1,090,598 shares of the company’s stock, valued at approximately $61,662,410.92. This represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,440 shares of company stock valued at $5,425,815. Company insiders own 6.92% of the company’s stock.

Customers Bancorp Price Performance

Customers Bancorp stock opened at $48.68 on Thursday. The firm has a market cap of $1.53 billion, a PE ratio of 7.90 and a beta of 1.65. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The stock’s fifty day moving average price is $51.80 and its two-hundred day moving average price is $50.80. Customers Bancorp, Inc. has a one year low of $42.31 and a one year high of $68.49.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. During the same quarter in the previous year, the business posted $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 expect that Customers Bancorp, Inc. will post 5.63 EPS for the current fiscal 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.