Customers Bancorp (NYSE:CUBI) to Repurchase $100.00 million in Stock
by Mitch Edgeman · The Markets DailyCustomers Bancorp (NYSE:CUBI – Get Free Report) declared that its board has initiated a share buyback program on Wednesday, February 11th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization permits the bank to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
Customers Bancorp Stock Performance
Customers Bancorp stock traded down $2.07 during trading on Wednesday, reaching $71.07. The company had a trading volume of 600,051 shares, compared to its average volume of 406,552. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 11.46 and a beta of 1.65. Customers Bancorp has a 52 week low of $40.75 and a 52 week high of $82.56. The firm’s 50-day simple moving average is $75.85 and its 200 day simple moving average is $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 – Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $200.38 million. During the same period last year, the firm posted $1.36 EPS. Sell-side analysts forecast that Customers Bancorp will post 6.45 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the company. Stephens lowered Customers Bancorp from an “equal weight” rating to an “underweight” rating and set a $71.00 price target on the stock. in a research report on Friday, February 6th. DA Davidson boosted their target price on Customers Bancorp from $93.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, January 26th. TD Cowen reaffirmed a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. Wall Street Zen cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. Finally, Zacks Research upgraded shares of Customers Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.80.
Check Out Our Latest Stock Report on Customers Bancorp
Insider Buying and Selling
In other Customers Bancorp news, CEO Jay S. Sidhu sold 128,185 shares of the company’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $69.43, for a total transaction of $8,899,884.55. Following the completion of the transaction, the chief executive officer directly owned 790,031 shares in the company, valued at approximately $54,851,852.33. This represents a 13.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Philip Watkins sold 2,900 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president directly owned 50,849 shares in the company, valued at $3,307,218.96. The trade was a 5.40% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 138,564 shares of company stock worth $9,612,479. Insiders own 8.69% of the company’s stock.
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.