Customers Bancorp (NYSE:CUBI) Chairman Jay Sidhu Sells 68,821 Shares of Stock

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 68,821 shares of Customers Bancorp stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman directly owned 667,757 shares in the company, valued at $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $82.77 on Thursday. The company has a market capitalization of $2.80 billion, a P/E ratio of 10.09 and a beta of 1.49. The business has a fifty day simple moving average of $77.20 and a two-hundred day simple moving average of $74.63. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. Customers Bancorp, Inc has a 1 year low of $59.34 and a 1 year high of $83.95.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The company had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. During the same quarter in the prior year, the company earned $1.80 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts expect that Customers Bancorp, Inc will post 8.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CUBI. Keefe, Bruyette & Woods upped their price target on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday. Hovde Group lifted their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. Morgan Stanley boosted their target price on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. increased their target price on Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Fundamental Research set a $94.00 price target on Customers Bancorp in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $90.69.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of CUBI. Arax Advisory Partners increased its holdings in Customers Bancorp by 218.9% during the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after acquiring an additional 243 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Customers Bancorp in the 3rd quarter valued at $29,000. Bessemer Group Inc. grew its position in shares of Customers Bancorp by 78.4% during the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock valued at $37,000 after purchasing an additional 232 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Customers Bancorp during the 1st quarter valued at $37,000. Finally, Transamerica Financial Advisors LLC increased its holdings in shares of Customers Bancorp by 216.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after purchasing an additional 404 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

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.