How to confirm that the market is in all-out euphoria mania mode? Perhaps one way is when a company issues a press release – a means of communicating with one’s investors and the broader public traditionally reserved for important updates – in which the only “news” is boasting that it has surpassed $1 billion in market cap, that may be as good a signal as any.
Customers Bancorp, Inc. Achieves Market Capitalization of $1 Billion
Wyomissing, PA (December 7, 2016) – Customers Bancorp, Inc. (NYSE:CUBI), the parent company of Customers Bank (collectively referred to as “Customers” or the “Company”), today reported that the Company achieved a market capitalization of $1 billion on December 6, 2016.
“Reaching a market capitalization of $1 billion is an important milestone for us,” said Jay Sidhu, Chairman and CEO of Customers. “In the seven years since we started the Company, Customers has grown its market value from roughly $10 million – a testament to the success of our customer-focused banking model.”
The Company’s recent gains partly resulted from a 7.6 percent jump of Customers shares on the New York Stock Exchange (“NYSE”) on December 5, 2016. The Company’s shares also traded at a volume higher than the average daily volume, with more than 600,000 shares traded compared to the daily average of less than 200,000. The $1 billion market capitalization announcement comes after Customers reported third quarter 2016 record earnings and record net income to common shareholders of $18.6 million, up 30.3 percent over Q3 2015.
Customers Bancorp, Inc.’s voting common shares have been listed on the NYSE under the symbol CUBI since 2014.
We almost wonder if CUBI will likewise issue a press release when its market cap slides back under $1 billion…
h/t @dowgonnadow
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