Customers Bancorp (NYSE:CUBI) Chairman Jay Sidhu Sells 835 Shares of Stock

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 835 shares of Customers Bancorp stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $79.00, for a total value of $65,965.00. Following the completion of the transaction, the chairman owned 736,578 shares in the company, valued at approximately $58,189,662. This represents a 0.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Customers Bancorp Stock Up 0.5%

Shares of NYSE CUBI opened at $78.61 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 9.59 and a beta of 1.48. Customers Bancorp, Inc has a 12 month low of $59.34 and a 12 month high of $82.56. The stock has a 50-day moving average price of $76.83 and a two-hundred day moving average price of $74.55.

Customers Bancorp (NYSE:CUBI) last posted its earnings results on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The firm had revenue of $227.28 million during the quarter, compared to analysts’ expectations of $229.24 million. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.80 earnings per share. As a group, analysts forecast that Customers Bancorp, Inc will post 8.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Piper Sandler raised their target price 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. Hovde Group upped their price target on shares of Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. DA Davidson increased their price target on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Fundamental Research set a $94.00 price objective on Customers Bancorp in a report on Wednesday, July 1st. Finally, Morgan Stanley boosted their price objective on Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. One equities 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 company. According to MarketBeat.com, Customers Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $90.15.

Hedge Funds Weigh In On Customers Bancorp

Several large investors have recently modified their holdings of CUBI. Price T Rowe Associates Inc. MD lifted its holdings in shares of Customers Bancorp by 3,074.6% during 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. Assenagon Asset Management S.A. increased its holdings in Customers Bancorp by 213.0% in the first quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank’s stock valued at $54,056,000 after purchasing an additional 529,987 shares during the period. Anatole Investment Management Ltd acquired a new stake in Customers Bancorp in the second quarter valued at $17,593,000. Millennium Management LLC raised its position in Customers Bancorp by 448.8% during the 3rd quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock worth $21,427,000 after purchasing an additional 268,056 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Customers Bancorp by 247,273.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank’s stock worth $16,279,000 after purchasing an additional 222,546 shares during the last quarter. Institutional investors own 89.29% of the company’s stock.

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.