Customers Bancorp (NYSE:CUBI) Chairman Sells $4,597,812.45 in Stock

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 60,315 shares of Customers Bancorp stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total value of $4,597,812.45. Following the completion of the transaction, the chairman owned 767,557 shares of the company’s stock, valued at $58,510,870.11. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Customers Bancorp Stock Down 0.3%

NYSE:CUBI opened at $75.16 on Friday. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 9.54 and a beta of 1.52. Customers Bancorp, Inc has a one year low of $49.54 and a one year high of $82.56. The stock has a 50-day simple moving average of $73.75 and a 200 day simple moving average of $72.91. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.09. The business had revenue of $225.40 million during the quarter, compared to the consensus estimate of $223.51 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The company’s revenue for the quarter was up 57.9% compared to the same quarter last year. During the same period last year, the firm earned $1.54 earnings per share. Sell-side analysts predict that Customers Bancorp, Inc will post 8.52 EPS for the current fiscal year.

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

Analyst Ratings Changes

CUBI has been the subject of a number of research reports. Morgan Stanley decreased their target price on Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. DA Davidson lifted their target price on Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. decreased their target price on Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Stephens upgraded Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 target price for the company in a research note on Monday, March 16th. Finally, Weiss Ratings upgraded Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and an average price target of $87.50.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Customers Bancorp by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank’s stock worth $162,424,000 after buying an additional 66,031 shares during the period. Dimensional Fund Advisors LP lifted its position in Customers Bancorp by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank’s stock worth $134,859,000 after purchasing an additional 65,954 shares during the period. State Street Corp grew its position in Customers Bancorp by 1.8% in the fourth quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock worth $133,998,000 after buying an additional 32,449 shares during the last quarter. American Century Companies Inc. grew its position in Customers Bancorp by 7.9% in the third quarter. American Century Companies Inc. now owns 945,825 shares of the bank’s stock worth $61,829,000 after buying an additional 69,200 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Customers Bancorp by 3,074.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock worth $63,732,000 after buying an additional 844,141 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Company 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.