Tiger Brokers

BUZZ-Customers Bancorp falls on planned $150 million share sale

Reuters
Sep 04
BUZZ-Customers Bancorp falls on planned $150 million share sale

** Regional lender Customers Bancorp's CUBI.N shares fall 5.6% to $68.40 in extended trading

** CUBI eyeing $150 million share sale, according to prospectus filed with SEC

** Stock closed up 1.2% at $72.43 on Wednesday

** CUBI plans to use proceeds for general purposes, including debt repayment, stock repurchase, and redeeming preferred stock

** Morgan Stanley, Keefe, Bruyette & Woods, and Raymond James tapped as joint book-running managers

** CUBI had 31.6 million outstanding shares as of June 30, per prospectus

** 4 of 7 brokerages rate the stock "buy" or higher and 3 "hold"; median PT $78 — data compiled by LSEG

** As of last close, CUBI stock up 48.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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