Analysts Set Expectations for Customers Bancorp, Inc.’s Q2 2024 Earnings (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Equities researchers at Wedbush reduced their Q2 2024 earnings per share (EPS) estimates for Customers Bancorp in a note issued to investors on Thursday, May 2nd. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $1.61 per share for the quarter, down from their previous estimate of $1.72. Wedbush has a “Outperform” rating and a $61.00 price target on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.46 per share. Wedbush also issued estimates for Customers Bancorp’s Q3 2024 earnings at $1.73 EPS, Q4 2024 earnings at $1.78 EPS, FY2024 earnings at $6.80 EPS, Q3 2025 earnings at $1.90 EPS, Q4 2025 earnings at $1.87 EPS and FY2025 earnings at $7.45 EPS.

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group upped 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 for the company in a research report on Thursday. B. Riley raised their price target on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a report on Monday, January 29th. Finally, Raymond James raised their target price on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, January 29th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.50.

Customers Bancorp Stock Performance

Shares of NYSE CUBI opened at $48.25 on Friday. The stock has a market cap of $1.52 billion, a PE ratio of 6.74 and a beta of 1.67. Customers Bancorp has a 1 year low of $15.80 and a 1 year high of $60.09. The firm has a fifty day moving average price of $50.83 and a 200-day moving average price of $49.58. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.93 and a quick ratio of 0.91.

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

Institutional Trading of Customers Bancorp

Several institutional investors and hedge funds have recently modified their holdings of CUBI. Wellington Management Group LLP grew its stake in Customers Bancorp by 28.7% in the third quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock valued at $73,454,000 after purchasing an additional 475,907 shares during the last quarter. Access Investment Management LLC acquired a new stake in Customers Bancorp in the fourth quarter valued at approximately $16,194,000. Federated Hermes Inc. grew its holdings in Customers Bancorp by 3,784.1% in the fourth quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock worth $7,963,000 after purchasing an additional 134,638 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Customers Bancorp by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank’s stock worth $10,554,000 after purchasing an additional 91,311 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Customers Bancorp during the 4th quarter valued at $3,680,000. Institutional investors own 89.29% of the company’s stock.

Insiders Place Their Bets

In related news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction dated Tuesday, February 27th. The shares were 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 approximately $3,762,997.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other 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 value of $36,097.20. Following the sale, the insider now directly owns 69,428 shares in the company, valued at $3,762,997.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Carla A. Leibold sold 35,832 shares of the firm’s stock in a transaction that occurred 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 directly owns 41,224 shares of the company’s stock, valued at $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is owned by insiders.

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.