Customers Bancorp (NYSE:CUBI) Chairman Sells $4,370,000.00 in Stock

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 50,000 shares of the business’s stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $87.40, for a total transaction of $4,370,000.00. Following the transaction, the chairman owned 617,864 shares of the company’s stock, valued at approximately $54,001,313.60. The trade was a 7.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $87.22 on Thursday. The firm has a market capitalization of $2.95 billion, a PE ratio of 10.57 and a beta of 1.43. The business’s fifty day moving average price is $78.42 and its 200 day moving average price is $76.03. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.96 and a quick ratio of 0.96. Customers Bancorp, Inc has a 12 month low of $63.44 and a 12 month high of $89.60.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, October 22nd. The bank reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.13. The company had revenue of $240.24 million during the quarter, compared to the consensus estimate 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 previous year, the business earned $2.20 EPS. On average, sell-side analysts anticipate that Customers Bancorp, Inc will post 8.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of CUBI. Summit Global Investments acquired a new stake in shares of Customers Bancorp in the second quarter valued at about $1,016,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Customers Bancorp during the second quarter worth about $1,618,000. Louisiana State Employees Retirement System purchased a new stake in Customers Bancorp during the first quarter worth about $979,000. Quantinno Capital Management LP grew its position in Customers Bancorp by 73.3% during the first quarter. Quantinno Capital Management LP now owns 20,387 shares of the bank’s stock worth $1,415,000 after buying an additional 8,624 shares during the period. Finally, Deutsche Bank AG acquired a new position in Customers Bancorp during the second quarter worth about $2,623,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. DA Davidson set a $107.00 target price on Customers Bancorp in a research note on Monday, October 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Customers Bancorp in a research report on Friday, September 25th. JPMorgan Chase & Co. boosted their target price on Customers Bancorp from $92.00 to $100.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Keefe, Bruyette & Woods increased their price target on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Finally, Morgan Stanley reiterated an “underweight” rating and set a $97.00 target price on shares of Customers Bancorp in a research report on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $94.36.

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.