Customers Bancorp (NYSE:CUBI) Shares Gap Up After Insider Buying Activity

Customers Bancorp, Inc. (NYSE:CUBI – Get Rating)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $17.42, but opened at $20.25. Customers Bancorp shares last traded at $18.84, with a volume of 801,570 shares.

Specifically, Director Daniel K. Rothermel acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average cost of $10.71 per share, for a total transaction of $53,550.00. Following the completion of the acquisition, the director now owns 102,962 shares in the company, valued at $1,102,723.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Daniel K. Rothermel purchased 5,000 shares of Customers Bancorp stock in a transaction that occurred on Monday, March 13th. The stock was purchased at an average cost of $10.71 per share, with a total value of $53,550.00. Following the completion of the transaction, the director now owns 102,962 shares of the company’s stock, valued at approximately $1,102,723.02. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jay S. Sidhu purchased 45,450 shares of Customers Bancorp stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average cost of $11.00 per share, with a total value of $499,950.00. Following the completion of the transaction, the chief executive officer now directly owns 1,167,626 shares of the company’s stock, valued at approximately $12,843,886. The disclosure for this purchase can be found here. Corporate insiders own 6.75% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Stephens set a $45.00 price objective on Customers Bancorp in a research report on Wednesday, November 23rd. DA Davidson reaffirmed a “buy” rating on shares of Customers Bancorp in a research report on Wednesday, December 21st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $59.50.

Customers Bancorp Stock Performance

The stock has a 50 day simple moving average of $29.65 and a 200 day simple moving average of $30.82. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.78. The stock has a market cap of $571.33 million, a P/E ratio of 2.79 and a beta of 1.56.

Customers Bancorp (NYSE:CUBI – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The bank reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.47). Customers Bancorp had a return on equity of 21.40% and a net margin of 24.85%. The company had revenue of $142.48 million for the quarter, compared to the consensus estimate of $169.85 million. On average, equities analysts expect that Customers Bancorp, Inc. will post 5.35 earnings per share for the current year.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of CUBI. SevenOneSeven Capital Management grew its position in Customers Bancorp by 3.8% during the 4th quarter. SevenOneSeven Capital Management now owns 8,713 shares of the bank’s stock worth $247,000 after acquiring an additional 315 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Customers Bancorp by 3.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,783 shares of the bank’s stock worth $366,000 after acquiring an additional 328 shares during the last quarter. SummerHaven Investment Management LLC lifted its holdings in Customers Bancorp by 1.6% during the 4th quarter. SummerHaven Investment Management LLC now owns 22,352 shares of the bank’s stock worth $633,000 after buying an additional 350 shares during the period. Great West Life Assurance Co. Can lifted its holdings in Customers Bancorp by 1.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 26,354 shares of the bank’s stock worth $1,410,000 after buying an additional 398 shares during the period. Finally, Texas Permanent School Fund lifted its holdings in Customers Bancorp by 2.2% during the 2nd quarter. Texas Permanent School Fund now owns 21,931 shares of the bank’s stock worth $743,000 after buying an additional 464 shares during the period. Institutional investors own 84.33% of the company’s stock.

Customers Bancorp Company Profile

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Customers Bancorp, Inc operates as a bank holding company, which engages in the provision of banking services through its subsidiary, Customers Bank. It operates through the Customers Bank Business Banking and BankMobile segments. The Customers Bank Business Banking segment includes commercial customers in Southeastern Pennsylvania, New York, New Jersey, Massachusetts, Rhode Island, New Hampshire, Washington, DC, and Illinois through a single-point-of-contact business model and provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies.