Q1 2024 EPS Estimates for Customers Bancorp, Inc. (NYSE:CUBI) Reduced by Analyst

Customers Bancorp, Inc. (NYSE:CUBI) – Stock analysts at DA Davidson dropped their Q1 2024 earnings per share estimates for shares of Customers Bancorp in a research report issued on Thursday, April 4th. DA Davidson analyst P. Winter now forecasts that the bank will post earnings per share of $1.65 for the quarter, down from their prior forecast of $1.70. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.93 per share. DA Davidson also issued estimates for Customers Bancorp’s FY2025 earnings at $7.46 EPS.

CUBI has been the subject of a number of other reports. Jefferies Financial Group raised their target price on Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a report on Monday. Wedbush decreased their price objective on Customers Bancorp from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, January 26th. Raymond James lifted their price objective on Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a research note on Monday, January 29th. Finally, B. Riley lifted their price objective on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Customers Bancorp has a consensus rating of “Moderate Buy” and an average target price of $61.86.

Customers Bancorp Stock Performance

Shares of Customers Bancorp stock opened at $52.02 on Monday. The business has a 50-day moving average of $52.36 and a 200 day moving average of $47.80. Customers Bancorp has a 12 month low of $15.80 and a 12 month high of $60.09. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 7.12 and a beta of 1.67. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.93 and a quick ratio of 0.91.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. The business had revenue of $191.18 million during the quarter, compared to analysts’ expectations of $187.87 million. Customers Bancorp had a return on equity of 18.75% and a net margin of 17.23%.

Insiders Place Their Bets

In other news, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the transaction, the chief financial officer now owns 41,224 shares of the company’s stock, valued at $2,191,055.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the transaction, the chief financial officer now owns 41,224 shares of the company’s stock, valued at $2,191,055.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Glenn Hedde sold 666 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 69,428 shares in the company, valued at approximately $3,762,997.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Customers Bancorp

Institutional investors have recently modified their holdings of the business. State Street Corp raised its holdings in shares of Customers Bancorp by 56.3% in the first quarter. State Street Corp now owns 2,282,972 shares of the bank’s stock worth $119,034,000 after acquiring an additional 822,072 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Customers Bancorp by 28.7% in 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. Millennium Management LLC increased its stake in Customers Bancorp by 722.1% in the fourth quarter. Millennium Management LLC now owns 380,320 shares of the bank’s stock valued at $10,778,000 after purchasing an additional 334,057 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Customers Bancorp by 37.1% in the third quarter. JPMorgan Chase & Co. now owns 1,067,489 shares of the bank’s stock valued at $36,775,000 after purchasing an additional 288,975 shares during the last quarter. Finally, Access Investment Management LLC acquired a new position in Customers Bancorp in the fourth quarter valued at $16,194,000. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

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.