Customers Bancorp (NYSE:CUBI) Issues Earnings Results

Customers Bancorp (NYSE:CUBI) released its earnings results on Thursday. The bank reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.13, FiscalAI reports. The company had revenue of $240.24 million during the quarter, compared to the consensus estimate of $237.18 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%.

Customers Bancorp Stock Up 3.3%

Customers Bancorp stock traded up $2.52 during mid-day trading on Thursday, hitting $78.83. 306,361 shares of the company’s stock were exchanged, compared to its average volume of 336,786. Customers Bancorp has a 1-year low of $63.44 and a 1-year high of $84.38. The stock has a 50 day moving average of $77.49 and a two-hundred day moving average of $76.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. The stock has a market cap of $2.66 billion, a P/E ratio of 9.61 and a beta of 1.52.

Insider Buying and Selling at Customers Bancorp

In other news, Chairman Jay Sidhu sold 68,821 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 100,000 shares of company stock valued at $7,981,084 over the last ninety days. 10.45% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CUBI has been the subject of a number of research reports. TD Cowen reduced their price objective on Customers Bancorp from $94.00 to $91.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Fundamental Research set a $94.00 target price on Customers Bancorp in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price target on Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. DA Davidson lifted their price target on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. lowered their price target on Customers Bancorp from $96.00 to $92.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $90.82.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.