Glenn Hedde's Recent Sale of Customers Bancorp Shares

On January 30th, Glenn Hedde, an insider at Customers Bancorp, Inc. (NYSE:CUBI), sold a total of 15,815 shares of the company's stock. The shares were sold at an average price of $58.25 per share, resulting in a total value of approximately $921,223.75 for the transaction. After this sale, Hedde retains ownership of 55,211 shares, which are valued at around $3,216,040.75. This transaction indicates a significant reduction of 22.27% in his holdings.

Details of this trade were provided in a disclosure filed with the SEC, which can be accessed online. Additionally, it’s worth noting that Glenn Hedde conducted another sale recently on November 6th, where he sold 5,002 shares at an average price of $53.68, accumulating a total of $268,507.36.

Current Stock Performance

As of Friday, Customers Bancorp's stock opened at $57.15. The company’s stock is currently trading with a fifty-day moving average of $51.66 and a two-hundred-day moving average of $51.12. Customers Bancorp has a market capitalization of $1.79 billion, a price-to-earnings ratio of 9.28, and a beta of 1.68, highlighting its volatility compared with the overall market. In the past year, the stock reached a low of $42.31 and a high of $68.49.

Customers Bancorp announced its quarterly earnings on January 23rd, reporting earnings per share (EPS) of $1.36 for the quarter. This exceeded analysts' expectations, which estimated an EPS of $1.21. The bank achieved a return on equity of 13.55% alongside a net margin of 15.22%. Looking ahead, analysts are anticipating an EPS of 5.63 for the current year.

Analyst Ratings and Price Targets

Brokerage firms have conducted analyses on Customers Bancorp, with some adjusting their target prices. Piper Sandler lowered its target price from $61.00 to $55.00, assigning a "neutral" rating. Conversely, DA Davidson increased its price objective from $68.00 to $71.00 and maintained a "buy" rating. B. Riley also raised its target price from $78.00 to $80.00. Stephens issued a report reiterating an "equal weight" rating with a target of $58.00. Furthermore, Keefe, Bruyette & Woods adjusted their price objective for the stock from $62.00 to $67.00, recommending a "market perform" rating. Overall, six analysts have given a hold rating, four issued buy ratings, and one has recommended a strong buy, leading to a consensus rating of "Moderate Buy" and a target price of $64.00 according to MarketBeat.

Recent Institutional Trading Activity

Recent movements among institutional investors have shown increased interest in Customers Bancorp. Intech Investment Management LLC raised its holdings by 74.2%, acquiring an additional 10,797 shares to own a total of 25,349 shares. Similarly, BNP Paribas Financial Markets boosted its position by 117.9% acquiring an additional 21,871 shares, and now owns 40,425 shares. Walleye Capital LLC significantly increased its holdings by 536.3%, buying an additional 32,407 shares to reach a total of 38,450 shares. Assenagon Asset Management S.A. also made considerable acquisitions, increasing its stake by 88.9% and now possesses 479,739 shares. Moreover, Charles Schwab Investment Management Inc. slightly raised its holdings by 2.4%, owning 509,469 shares now. Currently, institutional investors and hedge funds own about 89.29% of Customers Bancorp stock.

About Customers Bancorp

Customers Bancorp, Inc. acts as the holding company for Customers Bank, offering a variety of financial products and services to both individual consumers and small to middle-market businesses. The bank provides deposit products such as commercial and consumer checking accounts, savings accounts, and time deposits, among others.

insider, stocks, sales