Customers Bancorp, Inc. (NYSE:CUBI) Forecasted to Earn Q2 2024 Earnings of $1.37 Per Share

Customers Bancorp, Inc. (NYSE:CUBI) – Research analysts at B. Riley lowered their Q2 2024 EPS estimates for shares of Customers Bancorp in a report released on Monday, April 29th. B. Riley analyst H. Goetsch now expects that the bank will post earnings of $1.37 per share for the quarter, down from their prior forecast of $1.74. B. Riley has a “Buy” rating and a $77.00 price objective on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.82 per share. B. Riley also issued estimates for Customers Bancorp’s Q3 2024 earnings at $1.41 EPS, Q4 2024 earnings at $1.61 EPS and FY2024 earnings at $6.06 EPS.

A number of other equities analysts also recently issued reports on the stock. Jefferies Financial Group lifted their price objective 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. Raymond James boosted their price target on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. Finally, 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. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.29.

Customers Bancorp Price Performance

CUBI opened at $46.06 on Wednesday. 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 company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 6.43 and a beta of 1.67. The firm’s fifty day moving average price is $51.14 and its two-hundred day moving average price is $49.41. 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 data 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. The firm had revenue of $181.62 million for the quarter, compared to the consensus estimate of $183.48 million. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.17%. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.58 EPS.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CUBI. Cornercap Investment Counsel Inc. bought a new position in shares of Customers Bancorp in the fourth quarter worth approximately $1,254,000. Assenagon Asset Management S.A. grew its holdings in shares of Customers Bancorp by 99.4% in 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 during the last quarter. Victory Capital Management Inc. bought a new position in shares of Customers Bancorp in the third quarter worth approximately $1,712,000. Numerai GP LLC bought a new position in shares of Customers Bancorp in the third quarter worth approximately $363,000. Finally, American Century Companies Inc. grew its holdings in shares of Customers Bancorp by 14.6% in the third quarter. American Century Companies Inc. now owns 364,767 shares of the bank’s stock worth $12,566,000 after purchasing an additional 46,347 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

Insider Activity

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