Customers Bancorp (NYSE:CUBI) Approves Share Buyback Program

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

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $72.64 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day moving average of $75.89 and a 200 day moving average of $69.89. The firm has a market cap of $2.48 billion, a PE ratio of 11.72 and a beta of 1.65. Customers Bancorp has a one year low of $40.75 and a one year high of $82.56.

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

Analyst Ratings Changes

CUBI has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their price target on Customers Bancorp from $76.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday, October 27th. TD Cowen restated a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Maxim Group set a $100.00 price target on Customers Bancorp in a research report on Monday, January 26th. DA Davidson boosted their price target on Customers Bancorp from $93.00 to $95.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.80.

Insider Activity

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

Customers Bancorp Company Profile

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.