FY2024 EPS Estimates for Customers Bancorp, Inc. (NYSE:CUBI) Cut by Analyst

Customers Bancorp, Inc. (NYSE:CUBI) – Analysts at DA Davidson dropped their FY2024 earnings estimates for Customers Bancorp in a report issued on Tuesday, April 30th. DA Davidson analyst P. Winter now expects that the bank will earn $6.34 per share for the year, down from their prior forecast of $7.00. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.60 per share.

A number of other research firms have also weighed in on CUBI. B. Riley raised their target price on shares of Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a report on Monday, January 29th. Jefferies Financial Group raised their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Wedbush cut their target price on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Hovde Group decreased 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. Finally, Raymond James increased their target price on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a research report on Monday, January 29th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given 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 Trading Up 2.8 %

Customers Bancorp stock opened at $47.40 on Thursday. The firm’s 50 day moving average price is $51.02 and its 200-day moving average price is $49.39. Customers Bancorp has a 1 year low of $15.80 and a 1 year high of $60.09. The stock has a market cap of $1.49 billion, a P/E ratio of 6.62 and a beta of 1.67. 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 quarterly earnings results on Friday, April 26th. The bank reported $1.68 earnings per share 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 business had revenue of $181.62 million for the quarter, compared to the consensus estimate of $183.48 million. During the same period last year, the firm earned $1.58 earnings per share. The company’s quarterly revenue was up 8.1% on a year-over-year basis.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BluePath Capital Management LLC acquired a new position in Customers Bancorp during the 3rd quarter worth about $31,000. GAMMA Investing LLC purchased a new position in Customers Bancorp in the fourth quarter valued at $78,000. C M Bidwell & Associates Ltd. acquired a new stake in Customers Bancorp in the third quarter valued at $112,000. Federated Hermes Inc. increased its holdings in shares of Customers Bancorp by 29,550.0% in the 3rd quarter. Federated Hermes Inc. now owns 3,558 shares of the bank’s stock valued at $123,000 after acquiring an additional 3,546 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new stake in shares of Customers Bancorp during the 4th quarter worth about $209,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Customers Bancorp

In other 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 value of $36,097.20. Following the sale, the insider now 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 can be accessed through the SEC website. In other news, insider Glenn Hedde sold 666 shares of the stock in a transaction dated Tuesday, February 27th. The shares were 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 directly owns 69,428 shares in the company, valued at $3,762,997.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the company’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 completion of the sale, the chief financial officer now 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 corporate 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.