Key Points
- CEO Samvir Sidhu bought 1,000 shares of Customers Bancorp at $72.58 each, totaling $72,580. After the purchase, he owned 521,714 shares worth about $37.9 million.
- The company recently reported better-than-expected first-quarter results, with EPS of $1.97 versus $1.88 expected and revenue of $225.4 million, up 57.9% from a year ago.
- Customers Bancorp also has a $100 million share repurchase authorization in place, while analysts currently rate the stock a “Moderate Buy” with an average target price of $87.50.
Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) CEO Samvir Sidhu acquired 1,000 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $72.58 per share, with a total value of $72,580.00. Following the transaction, the chief executive officer owned 521,714 shares in the company, valued at approximately $37,866,002.12. This trade represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.
Customers Bancorp Price Performance
Shares of NYSE CUBI opened at $73.99 on Wednesday. Customers Bancorp, Inc has a twelve month low of $49.54 and a twelve month high of $82.56. The company has a market cap of $2.50 billion, a PE ratio of 9.39 and a beta of 1.52. The business's 50 day moving average price is $71.86 and its two-hundred day moving average price is $72.31. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81.
Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.88 by $0.09. The company had revenue of $225.40 million for the quarter, compared to analyst estimates of $223.51 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The firm's quarterly revenue was up 57.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.54 earnings per share. On average, analysts predict that Customers Bancorp, Inc will post 8.52 EPS for the current year.
Customers Bancorp announced that its board has authorized a share repurchase plan on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Customers Bancorp by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank's stock worth $162,424,000 after acquiring an additional 66,031 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Customers Bancorp by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,942,989 shares of the bank's stock worth $134,859,000 after acquiring an additional 65,954 shares in the last quarter. State Street Corp grew its stake in shares of Customers Bancorp by 1.8% in the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank's stock worth $133,998,000 after acquiring an additional 32,449 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Customers Bancorp by 7.9% in the third quarter. American Century Companies Inc. now owns 945,825 shares of the bank's stock valued at $61,829,000 after purchasing an additional 69,200 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position 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 valued at $63,732,000 after purchasing an additional 844,141 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.
Analyst Upgrades and Downgrades
CUBI has been the subject of a number of analyst reports. Morgan Stanley dropped their price target on Customers Bancorp from $92.00 to $83.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. Piper Sandler reiterated an "overweight" rating and set a $86.00 price target (up from $82.00) on shares of Customers Bancorp in a research report on Monday, April 27th. Maxim Group set a $100.00 price objective on shares of Customers Bancorp in a research note on Monday, January 26th. B. Riley Financial restated a "buy" rating on shares of Customers Bancorp in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. reduced their price target on Customers Bancorp from $90.00 to $84.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Customers Bancorp presently has an average rating of "Moderate Buy" and an average target price of $87.50.
View Our Latest Research Report on CUBI
Customers Bancorp Company Profile
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Get Free Report)
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.
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