Customers Bancorp (NYSE:CUBI) Chairman Jay Sidhu Sells 60,315 Shares

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 transaction 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. The trade was a 7.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Customers Bancorp Price Performance

CUBI opened at $75.39 on Friday. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 9.57 and a beta of 1.52. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average price of $73.56 and a 200-day moving average price of $72.90. Customers Bancorp, Inc has a twelve month low of $49.54 and a twelve month high of $82.56.

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

Customers Bancorp declared that its board has authorized a stock repurchase program on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to buy up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CUBI shares. Stephens raised shares of Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price objective for the company in a research note on Monday, March 16th. JPMorgan Chase & Co. reduced their price objective on shares of Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings raised shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. DA Davidson boosted their price objective on shares of Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Finally, Zacks Research cut shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.50.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System increased its position in Customers Bancorp by 1.8% during the 3rd quarter. Arizona State Retirement System now owns 8,879 shares of the bank’s stock valued at $580,000 after purchasing an additional 155 shares during the period. Lido Advisors LLC increased its position in Customers Bancorp by 3.0% during the 4th quarter. Lido Advisors LLC now owns 6,135 shares of the bank’s stock valued at $412,000 after purchasing an additional 178 shares during the period. Alliancebernstein L.P. increased its position in Customers Bancorp by 0.5% during the 3rd quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock valued at $2,226,000 after purchasing an additional 182 shares during the period. MetLife Investment Management LLC increased its position in Customers Bancorp by 1.3% during the 4th quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank’s stock valued at $1,289,000 after purchasing an additional 230 shares during the period. Finally, Bessemer Group Inc. increased its position in 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 during the period. 89.29% of the stock is currently owned by institutional investors.

About Customers Bancorp

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.