Customers Bancorp Inc (NYSE:CUBI) Expected to Post Quarterly Sales of $93.02 Million
Equities analysts expect Customers Bancorp Inc (NYSE:CUBI) to post $93.02 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Customers Bancorp’s earnings. The lowest sales estimate is $92.81 million and the highest is $93.24 million. Customers Bancorp reported sales of $66.09 million in the same quarter last year, which indicates a positive year-over-year growth rate of 40.7%. The company is expected to announce its next quarterly earnings report on Thursday, October 24th.
On average, analysts expect that Customers Bancorp will report full-year sales of $345.78 million for the current financial year, with estimates ranging from $340.05 million to $351.50 million. For the next year, analysts forecast that the company will post sales of $372.39 million, with estimates ranging from $368.24 million to $376.55 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Customers Bancorp.
Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The business had revenue of $64.68 million for the quarter, compared to analysts’ expectations of $64.51 million. Customers Bancorp had a return on equity of 9.54% and a net margin of 10.13%. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.73 EPS.
In other news, insider James T. Collins sold 5,500 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $20.61, for a total transaction of $113,355.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 9.54% of the company’s stock.
Several institutional investors have recently made changes to their positions in CUBI. BlackRock Inc. grew its position in Customers Bancorp by 0.7% during the 2nd quarter. BlackRock Inc. now owns 4,348,588 shares of the bank’s stock worth $91,320,000 after acquiring an additional 28,107 shares during the last quarter. JPMorgan Chase & Co. grew its position in Customers Bancorp by 1,274.4% during the 1st quarter. JPMorgan Chase & Co. now owns 911,951 shares of the bank’s stock worth $16,697,000 after acquiring an additional 845,596 shares during the last quarter. Nuveen Asset Management LLC bought a new position in Customers Bancorp during the 2nd quarter worth approximately $14,422,000. Invesco Ltd. grew its position in Customers Bancorp by 338.7% during the 2nd quarter. Invesco Ltd. now owns 640,090 shares of the bank’s stock worth $13,442,000 after acquiring an additional 494,195 shares during the last quarter. Finally, LSV Asset Management grew its position in Customers Bancorp by 25.3% during the 1st quarter. LSV Asset Management now owns 514,652 shares of the bank’s stock worth $9,423,000 after acquiring an additional 104,052 shares during the last quarter. Hedge funds and other institutional investors own 80.73% of the company’s stock.
CUBI traded down $0.66 during trading on Friday, reaching $18.36. 112,600 shares of the company were exchanged, compared to its average volume of 113,729. The company’s 50-day moving average is $19.73 and its two-hundred day moving average is $20.34. The company has a market cap of $593.97 million, a price-to-earnings ratio of 7.56, a P/E/G ratio of 0.88 and a beta of 1.01. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.77. Customers Bancorp has a 12-month low of $16.72 and a 12-month high of $25.68.
Customers Bancorp Company Profile
Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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