Customers Bancorp (NYSE:CUBI) EVP Philip Watkins Sells 3,000 Shares

Customers Bancorp, Inc (NYSE:CUBI) EVP Philip Watkins sold 3,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $75.67, for a total transaction of $227,010.00. Following the completion of the transaction, the executive vice president owned 43,993 shares of the company’s stock, valued at approximately $3,328,950.31. This trade represents a 6.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Customers Bancorp Stock Performance

Customers Bancorp stock traded down $2.20 during mid-day trading on Tuesday, hitting $71.92. 69,425 shares of the company’s stock traded hands, compared to its average volume of 386,289. The firm has a 50 day moving average price of $71.73 and a 200 day moving average price of $72.24. The company has a market cap of $2.42 billion, a PE ratio of 9.12 and a beta of 1.52. Customers Bancorp, Inc has a one year low of $49.54 and a one year high of $82.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.88 by $0.09. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The business had revenue of $225.40 million for the quarter, compared to analyst estimates of $223.51 million. During the same quarter last year, the business earned $1.54 earnings per share. The business’s revenue for the quarter was up 57.9% on a year-over-year basis. On average, equities analysts forecast that Customers Bancorp, Inc will post 8.52 EPS for the current year.

Customers Bancorp declared that its board has initiated a stock buyback program on Wednesday, February 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

CUBI has been the subject of several research reports. Weiss Ratings raised Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. Hovde Group upped their price objective on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. DA Davidson lifted their target price on shares of Customers Bancorp from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. cut their price target on shares of Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating on the stock in a report on Wednesday, April 1st. Finally, TD Cowen restated a “buy” rating on shares of Customers Bancorp in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $87.50.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its stake in shares of Customers Bancorp by 11.5% in the first quarter. Royal Bank of Canada now owns 5,344 shares of the bank’s stock valued at $269,000 after buying an additional 553 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Customers Bancorp by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock worth $885,000 after acquiring an additional 786 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Customers Bancorp by 71.4% in the first quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock valued at $13,791,000 after purchasing an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Customers Bancorp in the first quarter worth $37,000. Finally, Creative Planning acquired a new position in Customers Bancorp during the second quarter worth $250,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

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.