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

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 60,315 shares of Customers Bancorp stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $76.23, for a total value of $4,597,812.45. Following the transaction, the chairman owned 767,557 shares of the company’s stock, valued at approximately $58,510,870.11. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Customers Bancorp Trading Down 0.3%

Customers Bancorp stock opened at $75.16 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The firm has a market cap of $2.54 billion, a PE ratio of 9.54 and a beta of 1.52. The stock’s 50 day simple moving average is $73.75 and its two-hundred day simple moving average is $72.91. Customers Bancorp, Inc has a 12 month low of $49.54 and a 12 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 (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.09. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The firm had revenue of $225.40 million during the quarter, compared to analysts’ expectations of $223.51 million. During the same period in the previous year, the business posted $1.54 EPS. The business’s revenue was up 57.9% compared to the same quarter last year. Analysts anticipate that Customers Bancorp, Inc will post 8.52 earnings per share for the current year.

Customers Bancorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to buy up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds have recently made changes to their positions in CUBI. Access Investment Management LLC lifted its stake in shares of Customers Bancorp by 15.7% in the third quarter. Access Investment Management LLC now owns 132,415 shares of the bank’s stock worth $8,656,000 after buying an additional 18,000 shares in the last quarter. EJF Capital LLC acquired a new position in Customers Bancorp during the third quarter worth about $1,711,000. Fortress Investment Group LLC purchased a new stake in Customers Bancorp during the 3rd quarter valued at about $2,860,000. Principal Financial Group Inc. raised its holdings in Customers Bancorp by 23.4% in the 3rd quarter. Principal Financial Group Inc. now owns 179,762 shares of the bank’s stock valued at $11,751,000 after acquiring an additional 34,081 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Customers Bancorp by 5.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 421,852 shares of the bank’s stock valued at $31,428,000 after acquiring an additional 23,129 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

Analysts Set New Price Targets

CUBI has been the subject of a number of recent analyst reports. Stephens upgraded Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price objective for the company in a research report on Monday, March 16th. JPMorgan Chase & Co. dropped their price target on shares of Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Piper Sandler reissued an “overweight” rating and issued a $86.00 price target (up from $82.00) on shares of Customers Bancorp in a report on Monday, April 27th. Zacks Research cut shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, Weiss Ratings raised shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. One research 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’s stock. According to MarketBeat, Customers Bancorp has a consensus rating of “Moderate Buy” and an average price target of $87.50.

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.