Corebridge Financial Inc. Has $767,000 Stock Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

Corebridge Financial Inc. lowered its stake in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 7.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 15,751 shares of the bank’s stock after selling 1,242 shares during the quarter. Corebridge Financial Inc.’s holdings in Customers Bancorp were worth $767,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CUBI. State Street Corp raised its stake in Customers Bancorp by 10.5% during the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after buying an additional 169,982 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Customers Bancorp by 46.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 285,368 shares of the bank’s stock valued at $13,621,000 after acquiring an additional 90,451 shares in the last quarter. First Eagle Investment Management LLC acquired a new position in shares of Customers Bancorp during the fourth quarter worth approximately $3,379,000. Tieton Capital Management LLC lifted its holdings in shares of Customers Bancorp by 22.9% in the 4th quarter. Tieton Capital Management LLC now owns 290,373 shares of the bank’s stock worth $14,135,000 after purchasing an additional 54,170 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Customers Bancorp in the 4th quarter valued at $2,543,000. Institutional investors own 89.29% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CUBI shares. Maxim Group lifted their price objective on shares of Customers Bancorp from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods lifted their price target on Customers Bancorp from $62.00 to $67.00 and gave the company a “market perform” rating in a research note on Monday, January 27th. DA Davidson increased their price objective on Customers Bancorp from $68.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Finally, Stephens reaffirmed an “equal weight” rating and set a $58.00 target price on shares of Customers Bancorp in a research report on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Customers Bancorp has an average rating of “Moderate Buy” and an average price target of $64.00.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $43.25 on Monday. The business’s fifty day moving average is $53.25 and its 200 day moving average is $50.97. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 8.51 and a beta of 1.47. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.95 and a current ratio of 0.96. Customers Bancorp, Inc. has a 52-week low of $40.75 and a 52-week high of $68.49.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.15. Customers Bancorp had a net margin of 13.07% and a return on equity of 12.29%. Research analysts predict that Customers Bancorp, Inc. will post 6.45 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Jay S. Sidhu sold 67,000 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $56.82, for a total value of $3,806,940.00. Following the transaction, the chief executive officer now owns 965,723 shares of the company’s stock, valued at $54,872,380.86. This represents a 6.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Glenn Hedde sold 15,815 shares of Customers Bancorp stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $58.25, for a total value of $921,223.75. Following the sale, the insider now directly owns 55,211 shares of the company’s stock, valued at approximately $3,216,040.75. This trade represents a 22.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,988 shares of company stock worth $6,627,318 in the last ninety days. 6.92% of the stock is currently owned by insiders.

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.