Customers Bancorp, Inc. Expected to Post FY2024 Earnings of $6.34 Per Share (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Investment analysts at DA Davidson reduced their FY2024 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 per share of $6.34 for the year, down from their previous estimate of $7.00. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.50 per share.

A number of other analysts have also weighed in on CUBI. Hovde Group dropped their price objective on Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday. B. Riley raised their price target on shares of Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Jefferies Financial Group boosted their price objective on shares of Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Wedbush dropped their target price on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, Raymond James boosted their price target on Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, January 29th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.50.

Customers Bancorp Price Performance

CUBI opened at $48.25 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.93 and a quick ratio of 0.91. The stock’s 50 day simple moving average is $50.92 and its 200 day simple moving average is $49.37. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 6.62 and a beta of 1.67. Customers Bancorp has a 1 year low of $15.80 and a 1 year high of $60.09.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Capstone Investment Advisors LLC bought a new position in Customers Bancorp in the 1st quarter worth about $220,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Customers Bancorp by 2.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 261,847 shares of the bank’s stock worth $13,894,000 after buying an additional 7,047 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Customers Bancorp by 20.3% during the first quarter. Principal Financial Group Inc. now owns 177,384 shares of the bank’s stock valued at $9,412,000 after buying an additional 29,974 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Customers Bancorp by 40.2% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 68,795 shares of the bank’s stock valued at $3,650,000 after acquiring an additional 19,712 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Customers Bancorp by 51.1% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 71,000 shares of the bank’s stock worth $4,091,000 after acquiring an additional 24,000 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.

About Customers Bancorp

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.