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 business’s stock in a transaction on 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 filing with the Securities & Exchange Commission, which is available at this link.

Customers Bancorp Price Performance

Customers Bancorp stock opened at $73.99 on Wednesday. The stock has a market cap of $2.50 billion, a P/E ratio of 9.39 and a beta of 1.52. The company has a fifty day simple moving average of $71.86 and a 200-day simple moving average of $72.31. Customers Bancorp, Inc has a 12-month low of $49.54 and a 12-month high of $82.56. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.09. The business had revenue of $225.40 million during the quarter, compared to analysts’ expectations of $223.51 million. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The company’s revenue for the quarter was up 57.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.54 EPS. Equities analysts expect that Customers Bancorp, Inc will post 8.52 EPS for the current fiscal year.

Customers Bancorp announced that its board has initiated a stock buyback program on Wednesday, February 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the bank to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Customers Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of CUBI. Royal Bank of Canada lifted its position in 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 acquiring an additional 553 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Customers Bancorp by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,625 shares of the bank’s stock valued at $885,000 after acquiring an additional 786 shares during the last quarter. Millennium Management LLC lifted its position in 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 acquiring an additional 114,430 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in Customers Bancorp in the first quarter valued at $37,000. Finally, Creative Planning purchased a new stake in Customers Bancorp in the second quarter valued at $250,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Stephens raised shares of Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price objective for the company in a research report on Monday, March 16th. Wall Street Zen cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, January 25th. Morgan Stanley decreased their price objective on shares of Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Maxim Group set a $100.00 price objective on shares of Customers Bancorp in a research report on Monday, January 26th. Finally, Weiss Ratings raised shares of Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $87.50.

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.