Customers Bancorp, Inc. (NYSE:CUBI) CEO Jay S. Sidhu Sells 67,000 Shares

Customers Bancorp, Inc. (NYSE:CUBI) CEO Jay S. Sidhu sold 67,000 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $56.82, for a total value of $3,806,940.00. Following the completion of the transaction, the chief executive officer now directly owns 965,723 shares of the company’s stock, valued at approximately $54,872,380.86. The trade was a 6.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Customers Bancorp Trading Up 2.1 %

NYSE:CUBI opened at $57.44 on Wednesday. The stock has a fifty day simple moving average of $51.67 and a 200 day simple moving average of $50.88. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.31 and a beta of 1.68. Customers Bancorp, Inc. has a 1-year low of $42.31 and a 1-year high of $68.49. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.77.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, January 23rd. The bank reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.15. Customers Bancorp had a net margin of 13.07% and a return on equity of 12.29%. Sell-side analysts forecast that Customers Bancorp, Inc. will post 6.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Stephens reaffirmed an “equal weight” rating and issued a $58.00 price objective on shares of Customers Bancorp in a report on Friday, January 24th. Maxim Group increased their price objective on shares of Customers Bancorp from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 27th. B. Riley boosted their target price on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. DA Davidson increased their price target on Customers Bancorp from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Finally, Piper Sandler dropped their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $64.00.

Hedge Funds Weigh In On Customers Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in CUBI. State Street Corp boosted its position in shares of Customers Bancorp by 10.5% in the third quarter. State Street Corp now owns 1,781,976 shares of the bank’s stock worth $82,773,000 after buying an additional 169,982 shares during the period. Geode Capital Management LLC boosted its position in Customers Bancorp by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 687,130 shares of the bank’s stock worth $31,924,000 after acquiring an additional 17,941 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Customers Bancorp by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank’s stock worth $23,665,000 after acquiring an additional 12,000 shares during the period. Assenagon Asset Management S.A. grew its stake in Customers Bancorp by 88.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after acquiring an additional 225,785 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Customers Bancorp by 46.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 285,368 shares of the bank’s stock valued at $13,621,000 after purchasing an additional 90,451 shares during the period. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.