Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) Chairman Jay Sidhu sold 50,000 shares of the stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $87.40, for a total transaction of $4,370,000.00. Following the completion of the transaction, the chairman owned 617,864 shares of the company's stock, valued at approximately $54,001,313.60. The trade was a 7.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Customers Bancorp Trading Up 2.6%
Shares of NYSE CUBI opened at $86.36 on Tuesday. Customers Bancorp, Inc has a 1 year low of $63.44 and a 1 year high of $88.04. The stock has a market cap of $2.92 billion, a P/E ratio of 10.47 and a beta of 1.52. The firm has a 50-day moving average of $78.12 and a 200 day moving average of $75.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.96 and a quick ratio of 0.96.
Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The bank reported $2.27 EPS for the quarter, topping the consensus estimate of $2.14 by $0.13. The business had revenue of $240.24 million for the quarter, compared to analyst estimates of $237.18 million. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. During the same quarter in the previous year, the firm posted $2.20 earnings per share. As a group, sell-side analysts expect that Customers Bancorp, Inc will post 8.55 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of analysts have recently commented on CUBI shares. DA Davidson set a $107.00 price target on Customers Bancorp in a research report on Monday, October 26th. Piper Sandler reiterated an "overweight" rating and set a $102.00 price objective (up from $92.00) on shares of Customers Bancorp in a research note on Monday, October 26th. Morgan Stanley reiterated an "underweight" rating and set a $97.00 price objective on shares of Customers Bancorp in a research note on Monday, October 26th. Keefe, Bruyette & Woods boosted their target price on Customers Bancorp from $88.00 to $89.00 and gave the stock a "market perform" rating in a report on Monday, August 3rd. Finally, TD Cowen increased their target price on Customers Bancorp from $91.00 to $97.00 and gave the stock a "buy" rating in a research note on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Customers Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.36.
Get Our Latest Research Report on Customers Bancorp
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CUBI. CenterBook Partners LP boosted its holdings in Customers Bancorp by 64.3% in the third quarter. CenterBook Partners LP now owns 12,597 shares of the bank's stock worth $932,000 after purchasing an additional 4,931 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Customers Bancorp during the 3rd quarter valued at $202,000. Hennessy Advisors Inc. raised its stake in Customers Bancorp by 14.3% during the 3rd quarter. Hennessy Advisors Inc. now owns 40,000 shares of the bank's stock valued at $2,960,000 after buying an additional 5,000 shares during the last quarter. Access Investment Management LLC raised its stake in Customers Bancorp by 1.0% during the 3rd quarter. Access Investment Management LLC now owns 142,009 shares of the bank's stock valued at $10,509,000 after buying an additional 1,460 shares during the last quarter. Finally, Contravisory Investment Management Inc. lifted its holdings in shares of Customers Bancorp by 18.1% during the 3rd quarter. Contravisory Investment Management Inc. now owns 4,084 shares of the bank's stock valued at $302,000 after buying an additional 627 shares during the period. Institutional investors own 89.29% of the company's stock.
Customers Bancorp Company Profile
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Get Free Report)
Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.
Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.
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