Jay Sidhu Sells 30,344 Shares of Customers Bancorp (NYSE:CUBI) Stock

Key Points

• Chairman Jay Sidhu sold 30,344 Customers Bancorp shares at an average price of $79.20, generating approximately $2.4 million. His remaining direct stake fell 3.95% to 737,413 shares.
• Customers Bancorp’s shares recently traded around $78.61, near their 12-month high of $82.56. The bank reported quarterly EPS of $2.05, exceeding analyst expectations, while revenue rose 10.2% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $90.15; institutional investors and hedge funds own 89.29% of the company’s stock.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) Chairman Jay Sidhu sold 30,344 shares of the company's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $79.20, for a total value of $2,403,244.80. Following the transaction, the chairman directly owned 737,413 shares in the company, valued at $58,403,109.60. This trade represents a 3.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Customers Bancorp Trading Up 0.5%

CUBI stock traded up $0.41 during midday trading on Friday, reaching $78.61. The stock had a trading volume of 209,750 shares, compared to its average volume of 364,299. The business has a fifty day simple moving average of $76.76 and a two-hundred day simple moving average of $74.52. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 9.59 and a beta of 1.48. Customers Bancorp, Inc has a twelve month low of $59.34 and a twelve month high of $82.56.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.05. The firm had revenue of $227.28 million during the quarter, compared to analysts' expectations of $229.24 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%.The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.80 EPS. As a group, research analysts expect that Customers Bancorp, Inc will post 8.38 EPS for the current fiscal year.

Analyst Ratings Changes

CUBI has been the topic of a number of analyst reports. Fundamental Research set a $94.00 price target on Customers Bancorp in a research note on Wednesday, July 1st. JPMorgan Chase & Co. upped their price objective on Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. Hovde Group increased their target price on Customers Bancorp from $80.00 to $86.00 and gave the company a "market perform" rating in a research note on Tuesday, April 28th. Weiss Ratings restated a "buy (b)" rating on shares of Customers Bancorp in a report on Monday, June 29th. Finally, DA Davidson upped their price target on Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Customers Bancorp has an average rating of "Moderate Buy" and an average price target of $90.15.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arax Advisory Partners increased its stake in Customers Bancorp by 218.9% during the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank's stock worth $26,000 after purchasing an additional 243 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Customers Bancorp during the third quarter worth $29,000. 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 worth $37,000 after acquiring an additional 232 shares during the period. Versant Capital Management Inc lifted its position in Customers Bancorp by 41.0% in the 2nd quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock valued at $44,000 after acquiring an additional 163 shares in the last quarter. Finally, Transamerica Financial Advisors LLC lifted its position in Customers Bancorp by 216.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank's stock valued at $43,000 after acquiring an additional 404 shares in the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

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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