Customers Bancorp (NYSE:CUBI) Director T Lawrence Way Sells 48,796 Shares of Company Stock

Key Points

• Director T. Lawrence Way sold 48,796 Customers Bancorp shares at an average $83.88, worth about $4.09 million, reducing his stake by 38.3% to 78,613 shares. He also sold 723 shares in a separate transaction.
• Customers Bancorp beat quarterly expectations, reporting $2.27 in EPS versus a $2.14 consensus and $240.24 million in revenue versus expectations of $237.18 million.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $94.36; recent target increases include Piper Sandler’s $102 and JPMorgan’s $100.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) Director T. Way sold 48,796 shares of the stock in a transaction on Friday, October 30th. The stock was sold at an average price of $83.88, for a total value of $4,093,008.48. Following the completion of the transaction, the director owned 78,613 shares of the company's stock, valued at $6,594,058.44. The trade was a 38.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

T Lawrence Way also recently made the following trade(s):

• On Monday, November 2nd, T. Way sold 723 shares of Customers Bancorp stock. The stock was sold at an average price of $85.16, for a total transaction of $61,570.68.

Customers Bancorp Price Performance

Shares of NYSE:CUBI traded up $1.75 on Wednesday, reaching $87.22. 270,499 shares of the company were exchanged, compared to its average volume of 340,527. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.05. Customers Bancorp, Inc has a 1-year low of $63.44 and a 1-year high of $89.60. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 10.57 and a beta of 1.43. The company has a 50-day moving average of $78.25 and a 200-day moving average of $75.98.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The bank reported $2.27 EPS for the quarter, beating the consensus estimate of $2.14 by $0.13. The firm had revenue of $240.24 million during the quarter, compared to analysts' expectations of $237.18 million. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. During the same quarter last year, the business earned $2.20 earnings per share. Equities analysts forecast that Customers Bancorp, Inc will post 8.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Piper Sandler restated an "overweight" rating and issued a $102.00 price target (up from $92.00) on shares of Customers Bancorp in a report on Monday, October 26th. JPMorgan Chase & Co. lifted their price objective on Customers Bancorp from $92.00 to $100.00 and gave the stock an "overweight" rating in a report on Monday, October 26th. TD Cowen boosted their target price on Customers Bancorp from $91.00 to $97.00 and gave the stock a "buy" rating in a research report on Monday, October 26th. Morgan Stanley reiterated an "underweight" rating and set a $97.00 target price on shares of Customers Bancorp in a research report on Monday, October 26th. Finally, Keefe, Bruyette & Woods raised their price target on Customers Bancorp from $88.00 to $89.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.36.

Institutional Trading of Customers Bancorp

Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new stake in shares of Customers Bancorp in the second quarter valued at $40,000. Bessemer Group Inc. lifted its position in Customers Bancorp by 78.4% during the first quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock worth $37,000 after buying an additional 232 shares during the period. Versant Capital Management Inc lifted its position in Customers Bancorp by 41.0% during the second quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock worth $44,000 after buying an additional 163 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Customers Bancorp in the 2nd quarter worth about $71,000. Finally, Rockefeller Capital Management L.P. boosted its stake in Customers Bancorp by 528.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,445 shares of the bank's stock worth $106,000 after buying an additional 1,215 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Customers Bancorp Company Profile

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.

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