Key Points
- Chairman Jay Sidhu sold 60,315 shares of Customers Bancorp at an average price of $76.23, totaling about $4.6 million. After the sale, he still directly owned 767,557 shares, reducing his stake by 7.29%.
- The stock slipped 1.0% and opened at $75.39, with the company trading at a market cap of $2.55 billion and a price-to-earnings ratio of 9.57. Shares remain between a 1-year low of $49.54 and high of $82.56.
- Customers Bancorp posted strong quarterly results, beating earnings and revenue estimates with EPS of $1.97 versus $1.88 expected and revenue of $225.4 million. The bank also has a $100 million share buyback authorization and a consensus analyst rating of “Moderate Buy.”
Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) Chairman Jay Sidhu sold 60,315 shares of the company's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the completion of the sale, the chairman directly owned 767,557 shares in the company, valued at $58,510,870.11. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Customers Bancorp Stock Down 1.0%
NYSE:CUBI opened at $75.39 on Friday. The firm's 50-day moving average price is $73.56 and its 200-day moving average price is $72.90. The company has a market capitalization of $2.55 billion, a PE ratio of 9.57 and a beta of 1.52. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.01 and a quick ratio of 1.01. Customers Bancorp, Inc has a 1-year low of $49.54 and a 1-year high of $82.56.
Customers Bancorp (NYSE:CUBI - Get Free Report) last released 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 firm had revenue of $225.40 million for the quarter, compared to the consensus estimate of $223.51 million. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The company's revenue was up 57.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 EPS. On average, equities analysts predict that Customers Bancorp, Inc will post 8.52 EPS for the current fiscal year.
Customers Bancorp announced that its board has authorized a share buyback program on Wednesday, February 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.
Hedge Funds Weigh In On Customers Bancorp
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System lifted its stake in Customers Bancorp by 1.8% during the 3rd quarter. Arizona State Retirement System now owns 8,879 shares of the bank's stock valued at $580,000 after acquiring an additional 155 shares during the period. Lido Advisors LLC lifted its stake in Customers Bancorp by 3.0% during the 4th quarter. Lido Advisors LLC now owns 6,135 shares of the bank's stock valued at $412,000 after acquiring an additional 178 shares during the period. Alliancebernstein L.P. lifted its stake in Customers Bancorp by 0.5% during the 3rd quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank's stock valued at $2,226,000 after acquiring an additional 182 shares during the period. MetLife Investment Management LLC lifted its stake in Customers Bancorp by 1.3% during the 4th quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank's stock valued at $1,289,000 after acquiring an additional 230 shares during the period. Finally, Bessemer Group Inc. lifted its stake in Customers Bancorp by 78.4% during the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock valued at $37,000 after acquiring an additional 232 shares during the period. Institutional investors own 89.29% of the company's stock.
Analyst Ratings Changes
CUBI has been the topic of several recent analyst reports. DA Davidson increased their price objective on shares of Customers Bancorp from $91.00 to $93.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Morgan Stanley cut their price objective on shares of Customers Bancorp from $92.00 to $83.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. Weiss Ratings raised shares of Customers Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 2nd. Stephens raised shares of Customers Bancorp from an "underweight" rating to an "equal weight" rating and set a $71.00 price objective on the stock in a research report on Monday, March 16th. Finally, Hovde Group increased their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a "market perform" rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Customers Bancorp has an average rating of "Moderate Buy" and a consensus target price of $87.50.
Check Out Our Latest Research Report on Customers Bancorp
Customers Bancorp Company Profile
(
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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