Jay S. Sidhu Sells 860 Shares of Customers Bancorp, Inc. (NYSE:CUBI) Stock

Customers Bancorp, Inc. (NYSE:CUBI - Get Free Report) CEO Jay S. Sidhu sold 860 shares of the company's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.73, for a total value of $47,067.80. Following the completion of the transaction, the chief executive officer now owns 1,189,738 shares of the company's stock, valued at $65,114,360.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Customers Bancorp Price Performance

NYSE CUBI traded down $0.05 on Tuesday, reaching $56.50. 443,827 shares of the company's stock traded hands, compared to its average volume of 371,774. The stock has a 50-day simple moving average of $47.31 and a 200 day simple moving average of $49.05. Customers Bancorp, Inc. has a 12 month low of $40.75 and a 12 month high of $68.49. The stock has a market cap of $1.79 billion, a PE ratio of 9.18 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The business had revenue of $167.10 million during the quarter, compared to analyst estimates of $191.61 million. During the same period in the previous year, the business posted $2.59 earnings per share. The firm's revenue for the quarter was down 23.2% on a year-over-year basis. As a group, research analysts predict that Customers Bancorp, Inc. will post 5.63 earnings per share for the current year.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC increased its holdings in shares of Customers Bancorp by 94.3% during the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank's stock worth $26,344,000 after acquiring an additional 266,462 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Customers Bancorp by 88.9% during the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank's stock worth $22,284,000 after purchasing an additional 225,785 shares during the period. Peregrine Capital Management LLC acquired a new stake in Customers Bancorp in the second quarter valued at approximately $7,690,000. Vanguard Group Inc. boosted its position in shares of Customers Bancorp by 5.4% during the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank's stock valued at $116,038,000 after buying an additional 111,654 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Customers Bancorp by 14.6% in the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank's stock worth $32,954,000 after purchasing an additional 87,557 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CUBI. Keefe, Bruyette & Woods cut Customers Bancorp from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $57.00 to $52.00 in a report on Monday, November 4th. Piper Sandler decreased their price objective on Customers Bancorp from $61.00 to $55.00 and set a "neutral" rating for the company in a report on Monday, November 4th. Stephens boosted their target price on Customers Bancorp from $53.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Monday. B. Riley boosted their target price on Customers Bancorp from $78.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, DA Davidson upped their price target on Customers Bancorp from $71.00 to $79.00 and gave the company a "buy" rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $61.11.

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.