Customers Bancorp (NYSE:CUBI) Issues Earnings Results

Customers Bancorp (NYSE:CUBI) released its 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. The company had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%.

Customers Bancorp Price Performance

NYSE CUBI traded down $0.49 during trading on Thursday, hitting $76.00. 272,868 shares of the stock traded hands, compared to its average volume of 367,375. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. Customers Bancorp has a 12-month low of $59.34 and a 12-month high of $82.56. The firm has a 50-day simple moving average of $76.27 and a 200-day simple moving average of $74.50. The company has a market capitalization of $2.57 billion, a P/E ratio of 9.64 and a beta of 1.48.

Insider Activity

In related news, Chairman Jay S. Sidhu sold 60,315 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $76.23, for a total value of $4,597,812.45. Following the sale, the chairman owned 767,557 shares in the company, valued at approximately $58,510,870.11. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Philip Watkins sold 3,000 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $75.67, for a total transaction of $227,010.00. Following the sale, the executive vice president directly owned 43,993 shares in the company, valued at approximately $3,328,950.31. The trade was a 6.38% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 10.45% of the company’s stock.

Hedge Funds Weigh In On Customers Bancorp

Several large investors have recently modified their holdings of the stock. Lido Advisors LLC raised its holdings in shares of Customers Bancorp by 3.0% in the 4th quarter. Lido Advisors LLC now owns 6,135 shares of the bank’s stock valued at $412,000 after purchasing an additional 178 shares in the last quarter. Alliancebernstein L.P. raised its stake in Customers Bancorp by 0.5% in the third quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock worth $2,226,000 after buying an additional 182 shares in the last quarter. MetLife Investment Management LLC raised its stake in Customers Bancorp by 1.3% in the fourth quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank’s stock worth $1,289,000 after buying an additional 230 shares in the last quarter. Arax Advisory Partners lifted its holdings in Customers Bancorp by 218.9% during the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after buying an additional 243 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Customers Bancorp by 5.0% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,867 shares of the bank’s stock valued at $575,000 after acquiring an additional 377 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. 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 note on Monday, April 27th. JPMorgan Chase & Co. upped their price objective on Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Piper Sandler upped their price objective on Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Morgan Stanley boosted their price target on Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Hovde Group upped their price target on Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.62.

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.