Customers Bancorp (NYSE:CUBI) Chairman Sells $5,511,873.89 in 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

Customers Bancorp stock traded down $0.88 during trading on Wednesday, hitting $82.77. The stock had a trading volume of 320,112 shares, compared to its average volume of 365,182. The stock’s 50 day moving average is $77.07 and its two-hundred day moving average is $74.60. Customers Bancorp, Inc has a 1 year low of $59.34 and a 1 year high of $83.95. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 10.09 and a beta of 1.49. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05. The business had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business posted $1.80 earnings per share. As a group, analysts predict that Customers Bancorp, Inc will post 8.43 EPS for the current year.

Institutional Investors Weigh In On Customers Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Customers Bancorp by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank’s stock valued at $162,424,000 after acquiring an additional 66,031 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Customers Bancorp by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank’s stock valued at $134,859,000 after purchasing an additional 65,954 shares during the period. State Street Corp grew its position in shares of Customers Bancorp by 1.8% during the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock valued at $133,998,000 after purchasing an additional 32,449 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 purchasing an additional 844,141 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of Customers Bancorp by 213.0% in the first quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock worth $54,056,000 after buying an additional 529,987 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CUBI shares. Morgan Stanley boosted their price objective on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. DA Davidson lifted their target price on shares of Customers Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Piper Sandler boosted their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, June 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 report on Monday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Customers Bancorp in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.69.

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.