Customers Bancorp (NYSE:CUBI) to Buyback $100.00 million in Stock

Customers Bancorp (NYSE:CUBI) declared that its board has approved a stock repurchase plan on Wednesday, February 11th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Customers Bancorp Price Performance

CUBI stock opened at $71.07 on Thursday. The stock has a market cap of $2.43 billion, a PE ratio of 11.46 and a beta of 1.65. Customers Bancorp has a 12 month low of $40.75 and a 12 month high of $82.56. The company has a 50-day moving average price of $75.85 and a 200 day moving average price of $69.83. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.02. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. The business had revenue of $236.90 million during the quarter, compared to the consensus estimate of $200.38 million. During the same quarter last year, the firm earned $1.36 earnings per share. Equities research analysts anticipate that Customers Bancorp will post 6.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CUBI shares. Wall Street Zen downgraded Customers Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, January 25th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $95.00 price objective on shares of Customers Bancorp in a report on Tuesday, January 6th. Keefe, Bruyette & Woods increased their target price on Customers Bancorp from $76.00 to $82.00 and gave the company a “market perform” rating in a research report on Monday, October 27th. Hovde Group boosted their price target on shares of Customers Bancorp from $70.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. Finally, Zacks Research raised shares of Customers Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.80.

Insider Activity

In other news, EVP Philip Watkins sold 2,900 shares of Customers Bancorp stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $65.04, for a total transaction of $188,616.00. Following the completion of the sale, the executive vice president owned 50,849 shares of the company’s stock, valued at approximately $3,307,218.96. The trade was a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jay S. Sidhu sold 128,185 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $69.43, for a total value of $8,899,884.55. Following the completion of the sale, the chief executive officer owned 790,031 shares of the company’s stock, valued at $54,851,852.33. The trade was a 13.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 138,564 shares of company stock worth $9,612,479 in the last ninety days. 8.69% of the stock is currently owned by insiders.

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.