Insider Selling: Customers Bancorp, Inc. (NYSE:CUBI) CEO Sells $4,895,120.12 in Stock

Customers Bancorp, Inc. (NYSE:CUBI) CEO Jay S. Sidhu sold 86,578 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the completion of the transaction, the chief executive officer now owns 1,090,598 shares in the company, valued at approximately $61,662,410.92. This trade represents a 7.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Customers Bancorp Trading Down 2.3 %

NYSE CUBI opened at $55.09 on Friday. Customers Bancorp, Inc. has a one year low of $42.31 and a one year high of $68.49. The company’s 50 day moving average price is $47.70 and its 200 day moving average price is $49.21. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 8.94 and a beta of 1.61.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results 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 analysts’ expectations of $191.61 million. During the same quarter in the previous year, the business posted $2.59 EPS. The company’s quarterly revenue was down 23.2% on a year-over-year basis. On average, sell-side analysts predict that Customers Bancorp, Inc. will post 5.63 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Hood River Capital Management LLC grew its position in Customers Bancorp by 94.3% in the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after acquiring an additional 266,462 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of 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 in the last quarter. Peregrine Capital Management LLC acquired a new position in shares of Customers Bancorp during the second quarter worth $7,690,000. Vanguard Group Inc. lifted 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 worth $116,038,000 after purchasing an additional 111,654 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Customers Bancorp by 14.6% during 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 in the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Analyst Ratings Changes

CUBI has been the topic of a number of recent research reports. StockNews.com lowered shares of Customers Bancorp from a “hold” rating to a “sell” rating in a report on Monday, November 4th. Piper Sandler cut their price objective on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Hovde Group lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective on the stock. in a report on Friday, August 9th. DA Davidson increased their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Stephens increased their price objective on shares of Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Customers Bancorp presently has an average rating of “Hold” and an average target price of $61.11.

About Customers Bancorp

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.