Customers Bancorp (NYSE:CUBI) Chairman Sells 50,000 Shares of Stock

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 50,000 shares of the firm’s stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $87.40, for a total value of $4,370,000.00. Following the sale, the chairman directly owned 617,864 shares of the company’s stock, valued at approximately $54,001,313.60. This trade represents a 7.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Customers Bancorp Trading Up 2.6%

NYSE:CUBI traded up $2.20 on Monday, reaching $86.36. The company’s stock had a trading volume of 354,895 shares, compared to its average volume of 340,935. Customers Bancorp, Inc has a 12-month low of $63.44 and a 12-month high of $88.04. The stock has a 50 day moving average price of $77.99 and a 200 day moving average price of $75.90. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 10.47 and a beta of 1.43. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.05.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, October 22nd. The bank reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.13. The business had revenue of $240.24 million during the quarter, compared to analysts’ expectations of $237.18 million. Customers Bancorp had a return on equity of 13.73% and a net margin of 19.11%. During the same period in the prior year, the business posted $2.20 EPS. On average, equities analysts anticipate that Customers Bancorp, Inc will post 8.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CUBI. TD Cowen upped their target price on shares of Customers Bancorp from $91.00 to $97.00 and gave the company a “buy” rating in a research report on Monday, October 26th. Piper Sandler reiterated an “overweight” rating and set a $102.00 price target (up from $92.00) on shares of Customers Bancorp in a research report on Monday, October 26th. DA Davidson set a $107.00 price target on shares of Customers Bancorp in a research report on Monday, October 26th. Keefe, Bruyette & Woods boosted 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, August 3rd. Finally, Morgan Stanley restated an “underweight” rating and issued a $97.00 price objective on shares of Customers Bancorp in a report on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Customers Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $94.36.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors have recently modified their holdings of CUBI. Kestra Advisory Services LLC acquired a new stake in shares of Customers Bancorp during the third quarter worth about $202,000. Hennessy Advisors Inc. grew its holdings in shares of Customers Bancorp by 14.3% in the third quarter. Hennessy Advisors Inc. now owns 40,000 shares of the bank’s stock valued at $2,960,000 after purchasing an additional 5,000 shares in the last quarter. Access Investment Management LLC increased its stake in Customers Bancorp by 1.0% during the 3rd quarter. Access Investment Management LLC now owns 142,009 shares of the bank’s stock worth $10,509,000 after buying an additional 1,460 shares during the period. Contravisory Investment Management Inc. increased its stake in Customers Bancorp by 18.1% during the 3rd quarter. Contravisory Investment Management Inc. now owns 4,084 shares of the bank’s stock worth $302,000 after buying an additional 627 shares during the period. Finally, GAMMA Investing LLC increased its stake in Customers Bancorp by 8.4% during the 3rd quarter. GAMMA Investing LLC now owns 2,132 shares of the bank’s stock worth $158,000 after buying an additional 165 shares during the period. 89.29% of the stock is owned by institutional investors and hedge funds.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.