Customers Bancorp (NYSE:CUBI) EVP Philip Watkins Sells 5,500 Shares of Company Stock

Key Points

• Executive VP Philip Watkins sold 5,500 shares on November 2 at an average price of $86.17, totaling about $473,935. He retained 41,102 shares after the sale, an 11.8% reduction in his position.
• Customers Bancorp beat quarterly estimates, reporting $2.27 in earnings per share versus $2.14 expected and revenue of $240.24 million versus $237.18 million expected.
• Shares rose 2.1% to $87.22 in Wednesday trading. Analysts’ average rating was “Moderate Buy,” with an average price target of $94.36.

Customers Bancorp, Inc (NYSE:CUBI - Get Free Report) EVP Philip Watkins sold 5,500 shares of the company's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $86.17, for a total value of $473,935.00. Following the completion of the transaction, the executive vice president owned 41,102 shares in the company, valued at $3,541,759.34. This represents a 11.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Customers Bancorp Stock Up 2.1%

Shares of NYSE CUBI traded up $1.75 during mid-day trading on Wednesday, reaching $87.22. The company had a trading volume of 270,499 shares, compared to its average volume of 340,527. The stock has a fifty day moving average of $78.25 and a two-hundred day moving average of $75.98. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 10.57 and a beta of 1.43. Customers Bancorp, Inc has a 12-month low of $63.44 and a 12-month high of $89.60.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $2.27 EPS for the quarter, topping the consensus estimate of $2.14 by $0.13. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. The business had revenue of $240.24 million during the quarter, compared to analysts' expectations of $237.18 million. During the same period last year, the company posted $2.20 earnings per share. As a group, equities research analysts expect that Customers Bancorp, Inc will post 8.55 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CUBI. Morgan Stanley reiterated an "underweight" rating and issued a $97.00 target price on shares of Customers Bancorp in a research report on Monday, October 26th. Piper Sandler restated an "overweight" rating and set a $102.00 price target (up from $92.00) on shares of Customers Bancorp in a report on Monday, October 26th. JPMorgan Chase & Co. boosted their price target on shares of Customers Bancorp from $92.00 to $100.00 and gave the company an "overweight" rating in a report on Monday, October 26th. TD Cowen upped their price target on shares of Customers Bancorp from $91.00 to $97.00 and gave the stock a "buy" rating in a research note on Monday, October 26th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Customers Bancorp in a report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $94.36.

Institutional Investors Weigh In On Customers Bancorp

Institutional investors have recently made changes to their positions in the company. Summit Global Investments bought a new stake in shares of Customers Bancorp in the 2nd quarter valued at approximately $1,016,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Customers Bancorp in the second quarter worth approximately $1,618,000. Quantinno Capital Management LP increased its holdings in Customers Bancorp by 73.3% in the first quarter. Quantinno Capital Management LP now owns 20,387 shares of the bank's stock worth $1,415,000 after buying an additional 8,624 shares during the last quarter. Deutsche Bank AG acquired a new position in Customers Bancorp in the second quarter worth approximately $2,623,000. Finally, Jupiter Topco LLC bought a new position in Customers Bancorp during the second quarter valued at approximately $1,244,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

About Customers Bancorp

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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