Insider Selling: Customers Bancorp (NYSE:CUBI) Chairman Sells 835 Shares of Stock

Key Points

• Customers Bancorp Chairman Jay Sidhu sold 835 shares at an average price of $79, generating $65,965. The transaction reduced his direct holdings by 0.11% to 736,578 shares.
• CUBI shares rose 0.5% to $78.61, with the stock trading between a 52-week low of $59.34 and high of $82.56. The bank recently reported quarterly EPS of $2.05, exceeding estimates by $0.05, while revenue increased 10.2% year over year.
• Wall Street maintains a “Moderate Buy” consensus, with an average price target of $90.15. Institutional investors own 89.29% of the company, and several major firms recently increased their positions.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) Chairman Jay Sidhu sold 835 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $79.00, for a total transaction of $65,965.00. Following the transaction, the chairman directly owned 736,578 shares in the company, valued at $58,189,662. The trade was a 0.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Customers Bancorp Trading Up 0.5%

Shares of NYSE:CUBI traded up $0.41 during midday trading on Friday, reaching $78.61. The company's stock had a trading volume of 209,750 shares, compared to its average volume of 364,299. The business has a 50 day moving average price of $76.76 and a 200 day moving average price of $74.52. Customers Bancorp, Inc has a 1 year low of $59.34 and a 1 year high of $82.56. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 9.59 and a beta of 1.48. 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 data on Thursday, July 23rd. The bank reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.05. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The company had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. During the same quarter in the prior year, the company posted $1.80 EPS. The company's quarterly revenue was up 10.2% compared to the same quarter last year. Research analysts forecast that Customers Bancorp, Inc will post 8.38 EPS for the current year.

Institutional Investors Weigh In On Customers Bancorp

A number of large investors have recently modified their holdings of CUBI. Handelsbanken Fonder AB purchased a new stake in shares of Customers Bancorp during the 2nd quarter valued at about $459,000. Versant Capital Management Inc boosted its holdings in Customers Bancorp by 41.0% in the 2nd quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock worth $44,000 after acquiring an additional 163 shares during the period. Militia Capital Management LLC acquired a new stake in Customers Bancorp in the first quarter valued at approximately $865,000. Access Investment Management LLC raised its stake in shares of Customers Bancorp by 5.7% during the first quarter. Access Investment Management LLC now owns 139,940 shares of the bank's stock valued at $9,713,000 after purchasing an additional 7,525 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Customers Bancorp by 62.0% during the first quarter. Bank of America Corp DE now owns 164,595 shares of the bank's stock valued at $11,425,000 after purchasing an additional 63,021 shares during the period. Institutional investors and hedge funds own 89.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CUBI. Hovde Group increased their target price on Customers Bancorp from $80.00 to $86.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 28th. Morgan Stanley raised their price objective on Customers Bancorp from $83.00 to $88.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Weiss Ratings reissued a "buy (b)" rating on shares of Customers Bancorp in a research report on Monday, June 29th. Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a report on Wednesday, July 1st. Finally, DA Davidson lifted their price target on shares of Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $90.15.

About Customers Bancorp

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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