Customers Bancorp's 'small size' of stock buyback plan fails to lift sentiment

Customers Bancorp

01/07/2024 17:07

** Shares of Customers Bancorp  CUBI.N  dip 0.3% to $47.85
    ** Bank launched a plan that would give it the option to
purchase up to 497,509 shares - about 1.6% of the total
outstanding - over a year
    ** Based on CUBI's last close, the repurchase plan would be
valued up to ~$24 mln
    ** "The relatively small size of the plan reflects a need to
balance the attractive valuation with strong business momentum
and growth opportunities" - Raymond James analyst Steve Moss
    ** Brokerage is bullish on CUBI's earnings, expects bank to
show "positive momentum" on account openings and deposit growth
    ** CUBI has lost ~17% YTD as of last week

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))