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 the company’s stock in a transaction 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 transaction, the chairman owned 667,757 shares of the company’s stock, valued at $53,480,658.13. This trade represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Customers Bancorp Trading Up 0.1%

NYSE:CUBI opened at $82.11 on Friday. The company has a 50-day moving average price of $77.47 and a 200-day moving average price of $74.70. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 10.01 and a beta of 1.49. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. Customers Bancorp, Inc has a 12 month low of $59.34 and a 12 month high of $83.95.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The company had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. During the same quarter in the previous year, the company earned $1.80 earnings per share. Customers Bancorp’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts predict that Customers Bancorp, Inc will post 8.43 EPS for the current year.

Hedge Funds Weigh In On Customers Bancorp

Several large investors have recently modified their holdings of the stock. Arax Advisory Partners grew its position in Customers Bancorp by 218.9% during the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock valued at $26,000 after purchasing an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Customers Bancorp in the third quarter worth about $29,000. Bessemer Group Inc. lifted its stake in shares of Customers Bancorp by 78.4% in the first quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock worth $37,000 after buying an additional 232 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Customers Bancorp in the first quarter worth approximately $37,000. Finally, Transamerica Financial Advisors LLC grew its holdings in shares of Customers Bancorp by 216.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock valued at $43,000 after buying an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Analysts Set New Price Targets

CUBI has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Morgan Stanley raised their price objective on Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. boosted their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. DA Davidson increased their price target 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. Finally, Hovde Group boosted their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Customers Bancorp currently has a consensus rating of “Moderate Buy” and an average price target 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.