Customers Bancorp (NYSE:CUBI) Stock: Insider Jay Sidhu Sells 50,000 Shares

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $87.40, for a total value of $4,370,000.00. Following the sale, the chairman directly owned 617,864 shares in the company, valued at approximately $54,001,313.60. The trade was a 7.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Customers Bancorp Stock Performance

CUBI opened at $85.40 on Wednesday. The business has a 50 day moving average price of $78.25 and a two-hundred day moving average price of $75.98. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 10.35 and a beta of 1.43. Customers Bancorp, Inc has a 1-year low of $63.44 and a 1-year high of $88.04.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.13. Customers Bancorp had a return on equity of 13.73% and a net margin of 19.11%. The company had revenue of $240.24 million for the quarter, compared to analysts’ expectations of $237.18 million. During the same period last year, the firm earned $2.20 EPS. Research analysts predict that Customers Bancorp, Inc will post 8.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Customers Bancorp

Several hedge funds have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC lifted its stake in Customers Bancorp by 2.0% during the third quarter. Ashton Thomas Private Wealth LLC now owns 6,590 shares of the bank’s stock valued at $488,000 after buying an additional 127 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Customers Bancorp by 41.0% in the second quarter. Versant Capital Management Inc now owns 561 shares of the bank’s stock worth $44,000 after buying an additional 163 shares during the period. GAMMA Investing LLC increased its position in shares of Customers Bancorp by 8.4% in the third quarter. GAMMA Investing LLC now owns 2,132 shares of the bank’s stock worth $158,000 after acquiring an additional 165 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Customers Bancorp by 78.4% during the first 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. Finally, Lazard Asset Management LLC raised its holdings in shares of Customers Bancorp by 6.2% during the first quarter. Lazard Asset Management LLC now owns 6,024 shares of the bank’s stock valued at $418,000 after acquiring an additional 354 shares during the period. 89.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on CUBI. JPMorgan Chase & Co. lifted their target price on Customers Bancorp from $92.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, October 26th. Piper Sandler reissued an “overweight” rating and issued a $102.00 price target (up from $92.00) on shares of Customers Bancorp in a report on Monday, October 26th. Keefe, Bruyette & Woods raised their price objective on shares of Customers Bancorp from $88.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. DA Davidson set a $107.00 price objective on shares of Customers Bancorp in a research note on Monday, October 26th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a report on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.36.

About Customers Bancorp

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.