Insider Selling: Customers Bancorp (NYSE:CUBI) Chairman Sells $5,511,873.89 in Stock

Customers Bancorp, Inc (NYSE:CUBI) Chairman Jay Sidhu sold 68,821 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value 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 document filed with the SEC, which is available at the SEC website.

Customers Bancorp Stock Down 1.1%

Shares of NYSE:CUBI traded down $0.88 during trading on Wednesday, reaching $82.77. 320,112 shares of the stock were exchanged, compared to its average volume of 365,182. Customers Bancorp, Inc has a 1-year low of $59.34 and a 1-year high of $83.95. The stock has a fifty day moving average of $77.07 and a two-hundred day moving average of $74.60. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 10.09 and a beta of 1.49.

Customers Bancorp (NYSE:CUBI) 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. The business had revenue of $227.28 million during the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. Customers Bancorp’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.80 EPS. Research analysts anticipate that Customers Bancorp, Inc will post 8.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CUBI shares. Weiss Ratings restated a “buy (b)” rating on shares of Customers Bancorp in a report on Monday, June 29th. Fundamental Research set a $94.00 price objective on Customers Bancorp in a report on Wednesday, July 1st. Piper Sandler raised their target price on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods upped their price target on Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday. Finally, Hovde Group raised their price objective 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. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $90.69.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CUBI. Arax Advisory Partners raised its stake in shares of 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 during the period. Caitong International Asset Management Co. Ltd bought a new position in Customers Bancorp during the third quarter valued at about $29,000. Bessemer Group Inc. increased its holdings in 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 buying an additional 232 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in Customers Bancorp during the first quarter worth about $37,000. Finally, Transamerica Financial Advisors LLC raised its position in Customers Bancorp by 216.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after acquiring an additional 404 shares during the period. Institutional investors own 89.29% of the company’s stock.

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.