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 shares were sold at an average price of $75.67, for a total transaction of $227,010.00. Following the sale, the executive vice president owned 43,993 shares of the company’s stock, valued at approximately $3,328,950.31. This represents a 6.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Customers Bancorp Stock Performance

Shares of NYSE:CUBI traded down $2.20 during mid-day trading on Tuesday, reaching $71.92. 69,425 shares of the company traded hands, compared to its average volume of 386,289. The company’s 50 day moving average price is $71.73 and its 200-day moving average price is $72.24. The firm 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 52 week low of $49.54 and a 52 week high of $82.56. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.01 and a quick ratio of 1.01.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $223.51 million. During the same quarter in the previous year, the firm earned $1.54 earnings per share. The company’s revenue for the quarter was up 57.9% on a year-over-year basis. On average, equities analysts expect that Customers Bancorp, Inc will post 8.52 EPS for the current fiscal year.

Customers Bancorp declared that its Board of Directors has approved a share repurchase program on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently commented on CUBI. Piper Sandler reiterated an “overweight” rating and set a $86.00 price objective (up from $82.00) on shares of Customers Bancorp in a research note on Monday, April 27th. Wall Street Zen lowered Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. DA Davidson lifted their price target on Customers Bancorp from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Morgan Stanley dropped their price target on Customers Bancorp from $92.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Finally, TD Cowen restated a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Customers Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $87.50.

Institutional Investors Weigh In On Customers Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Access Investment Management LLC increased its stake in Customers Bancorp by 15.7% during the 3rd quarter. Access Investment Management LLC now owns 132,415 shares of the bank’s stock worth $8,656,000 after buying an additional 18,000 shares during the period. EJF Capital LLC purchased a new stake in shares of Customers Bancorp during the third quarter worth about $1,711,000. Principal Financial Group Inc. increased its position in shares of Customers Bancorp by 23.4% during the third quarter. Principal Financial Group Inc. now owns 179,762 shares of the bank’s stock worth $11,751,000 after acquiring an additional 34,081 shares during the last quarter. Fortress Investment Group LLC acquired a new position in shares of Customers Bancorp in the third quarter worth about $2,860,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Customers Bancorp by 5.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 421,852 shares of the bank’s stock worth $31,428,000 after acquiring an additional 23,129 shares in the last quarter. 89.29% of the stock is owned by hedge funds and other institutional investors.

About Customers Bancorp

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.