Customers Bancorp (NYSE:CUBI) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Customers Bancorp (NYSE:CUBI) released its quarterly earnings results on Thursday. The bank reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05, FiscalAI reports. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.98%. The business had revenue of $227.28 million for the quarter, compared to analyst estimates of $229.24 million. During the same period last year, the firm earned $1.80 earnings per share. Customers Bancorp’s revenue for the quarter was up 10.2% compared to the same quarter last year.

Customers Bancorp Stock Up 0.5%

NYSE CUBI opened at $76.50 on Friday. The business has a fifty day moving average price of $76.40 and a two-hundred day moving average price of $74.52. The stock has a market capitalization of $2.59 billion, a PE ratio of 9.33 and a beta of 1.48. Customers Bancorp has a fifty-two week low of $59.34 and a fifty-two 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.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Customers Bancorp in a research report on Monday, June 29th. JPMorgan Chase & Co. boosted their price target on Customers Bancorp from $86.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. DA Davidson increased 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. Finally, Hovde Group lifted their price objective on Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Customers Bancorp currently has an average rating of “Moderate Buy” and an average target price of $89.62.

Insider Activity

In other Customers Bancorp news, CEO Samvir S. Sidhu bought 1,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $72.58 per share, for a total transaction of $72,580.00. Following the completion of the transaction, the chief executive officer directly owned 521,714 shares in the company, valued at approximately $37,866,002.12. The trade was a 0.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Jay S. Sidhu sold 60,315 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total value of $4,597,812.45. Following the transaction, the chairman directly owned 767,557 shares of the company’s stock, valued at approximately $58,510,870.11. The trade was a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 10.45% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its stake in Customers Bancorp by 1.8% in the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock valued at $133,998,000 after purchasing an additional 32,449 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock valued at $63,732,000 after acquiring an additional 844,141 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Customers Bancorp by 9.2% during the 4th quarter. Geode Capital Management LLC now owns 757,845 shares of the bank’s stock valued at $55,423,000 after acquiring an additional 63,984 shares in the last quarter. Nuveen LLC grew its position in Customers Bancorp by 6.2% during the 4th quarter. Nuveen LLC now owns 563,757 shares of the bank’s stock worth $41,222,000 after acquiring an additional 32,726 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Customers Bancorp by 8.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 524,745 shares of the bank’s stock worth $38,369,000 after purchasing an additional 38,865 shares in the last quarter. 89.29% of the stock is owned by institutional investors.

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.