Brokers Set Expectations for Customers Bancorp, Inc.’s FY2024 Earnings (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Analysts at DA Davidson lowered their FY2024 earnings per share (EPS) estimates for shares of Customers Bancorp in a research report issued to clients and investors on Tuesday, April 30th. DA Davidson analyst P. Winter now anticipates that the bank will post earnings of $6.34 per share for the year, down from their prior forecast of $7.00. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.60 per share.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.05. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The business had revenue of $181.62 million during the quarter, compared to analyst estimates of $183.48 million. During the same quarter in the prior year, the business posted $1.58 EPS. Customers Bancorp’s revenue for the quarter was up 8.1% compared to the same quarter last year.

CUBI has been the topic of several other reports. Wedbush cut their price target on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. B. Riley upped their price objective on shares of Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Jefferies Financial Group increased their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Hovde Group dropped their target price on shares of Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Raymond James increased their price target on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.50.

Customers Bancorp Stock Up 0.9 %

Shares of NYSE CUBI opened at $46.06 on Thursday. The company has a market cap of $1.45 billion, a P/E ratio of 6.43 and a beta of 1.67. The firm has a 50-day simple moving average of $51.02 and a two-hundred day simple moving average of $49.39. Customers Bancorp has a 1 year low of $15.80 and a 1 year high of $60.09. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.93 and a quick ratio of 0.91.

Insider Activity at Customers Bancorp

In related news, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the sale, the chief financial officer now owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Glenn Hedde sold 666 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction of $36,097.20. Following the completion of the transaction, the insider now directly owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Carla A. Leibold sold 35,832 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the completion of the sale, the chief financial officer now owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of large investors have recently made changes to their positions in the company. SummerHaven Investment Management LLC increased its stake in shares of Customers Bancorp by 1.0% during the fourth quarter. SummerHaven Investment Management LLC now owns 20,202 shares of the bank’s stock worth $1,164,000 after purchasing an additional 205 shares during the period. BluePath Capital Management LLC bought a new position in shares of Customers Bancorp during the third quarter worth approximately $31,000. Raymond James Financial Services Advisors Inc. increased its stake in Customers Bancorp by 14.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 8,796 shares of the bank’s stock worth $303,000 after acquiring an additional 1,125 shares during the period. GAMMA Investing LLC bought a new position in Customers Bancorp during the 4th quarter worth $78,000. Finally, Yousif Capital Management LLC increased its stake in Customers Bancorp by 11.3% during the 4th quarter. Yousif Capital Management LLC now owns 15,582 shares of the bank’s stock worth $898,000 after acquiring an additional 1,580 shares during the period. Institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.