Customers Bancorp, Inc. (NYSE:CUBI) to Post FY2024 Earnings of $6.34 Per Share, DA Davidson Forecasts

Customers Bancorp, Inc. (NYSE:CUBI) – Equities research analysts at DA Davidson reduced their FY2024 earnings per share estimates for Customers Bancorp in a report issued on Tuesday, April 30th. DA Davidson analyst P. Winter now anticipates that the bank will post earnings of $6.34 per share for the year, down from their prior estimate of $7.00. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.50 per share.

Other research analysts have also recently issued reports about the stock. Raymond James increased 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. 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. Wedbush dropped their price objective on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Hovde Group cut their price objective on Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Jefferies Financial Group boosted 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. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $61.50.

Customers Bancorp Stock Up 1.8 %

Shares of Customers Bancorp stock opened at $48.25 on Thursday. The company has a market cap of $1.52 billion, a P/E ratio of 6.62 and a beta of 1.67. The firm has a fifty day moving average of $50.92 and a two-hundred day moving average of $49.37. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.93. Customers Bancorp has a one year low of $15.80 and a one year high of $60.09.

Customers Bancorp (NYSE:CUBI) last issued 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 return on equity of 18.17% and a net margin of 16.88%. The firm had revenue of $181.62 million during the quarter, compared to the consensus estimate of $183.48 million. During the same period last year, the company earned $1.58 earnings per share. The company’s revenue for the quarter was up 8.1% on a year-over-year basis.

Insider Buying and Selling at Customers Bancorp

In other news, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Customers Bancorp 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 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 accessible through this hyperlink. Also, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp 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 transaction, the chief financial officer now owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Customers Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CUBI. Wellington Management Group LLP raised its position in Customers Bancorp by 28.7% during the third quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank’s stock worth $73,454,000 after acquiring an additional 475,907 shares during the last quarter. Access Investment Management LLC purchased a new stake in shares of Customers Bancorp during the fourth quarter worth about $16,194,000. Federated Hermes Inc. grew its holdings in shares of Customers Bancorp by 3,784.1% during the fourth quarter. Federated Hermes Inc. now owns 138,196 shares of the bank’s stock worth $7,963,000 after buying an additional 134,638 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings 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 buying 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 fourth quarter worth about $3,680,000. Institutional investors and hedge funds own 89.29% 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.