Key Points
- Chairman Jay Sidhu sold 68,821 Customers Bancorp shares at an average price of $80.09, generating about $5.51 million. His remaining direct stake fell 9.34% to 667,757 shares.
- Customers Bancorp reported quarterly EPS of $2.05, beating estimates by $0.05, while revenue rose 10.2% year over year to $227.28 million. Analysts expect full-year EPS of $8.43.
- The stock opened at $82.77, near its 52-week high of $83.95, and has a “Moderate Buy” consensus rating with an average analyst price target of $90.69; institutional investors own 89.29% of shares.
Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) Chairman Jay Sidhu sold 68,821 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman directly owned 667,757 shares of the company's stock, valued at $53,480,658.13. This trade represents a 9.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Customers Bancorp Price Performance
Shares of NYSE:CUBI opened at $82.77 on Thursday. The stock has a market cap of $2.80 billion, a PE ratio of 10.09 and a beta of 1.49. The company's fifty day moving average is $77.20 and its 200 day moving average is $74.63. Customers Bancorp, Inc has a 52 week low of $59.34 and a 52 week high of $83.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01.
Customers Bancorp (NYSE:CUBI - Get Free Report) last posted 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 business had revenue of $227.28 million during the quarter, compared to analyst estimates of $229.24 million. During the same period in the prior year, the business posted $1.80 earnings per share. The company's revenue was up 10.2% on a year-over-year basis. Research analysts anticipate that Customers Bancorp, Inc will post 8.43 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on CUBI shares. Morgan Stanley increased their target price on Customers Bancorp from $83.00 to $88.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Keefe, Bruyette & Woods lifted 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. JPMorgan Chase & Co. boosted their price objective on Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Fundamental Research set a $94.00 price objective on Customers Bancorp in a research report on Wednesday, July 1st. Finally, Piper Sandler increased their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Customers Bancorp presently has an average rating of "Moderate Buy" and an average price target of $90.69.
View Our Latest Analysis on CUBI
Hedge Funds Weigh In On Customers Bancorp
Hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in Customers Bancorp by 3,074.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank's stock worth $63,732,000 after purchasing an additional 844,141 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Customers Bancorp by 213.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 778,789 shares of the bank's stock valued at $54,056,000 after buying an additional 529,987 shares in the last quarter. Anatole Investment Management Ltd purchased a new stake in shares of Customers Bancorp in the 2nd quarter worth about $17,593,000. Millennium Management LLC grew its position in shares of Customers Bancorp by 448.8% in the 3rd quarter. Millennium Management LLC now owns 327,784 shares of the bank's stock worth $21,427,000 after buying an additional 268,056 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Customers Bancorp by 247,273.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank's stock worth $16,279,000 after buying an additional 222,546 shares during the period. Hedge funds and other institutional investors own 89.29% of the company's stock.
About Customers Bancorp
(
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
