Brokers Set Expectations for Customers Bancorp, Inc.’s FY2024 Earnings (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – DA Davidson decreased their FY2024 EPS 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 per share of $6.34 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.

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, beating analysts’ consensus estimates of $1.63 by $0.05. The business had revenue of $181.62 million during the quarter, compared to analyst estimates of $183.48 million. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.17%. The business’s revenue was up 8.1% on a year-over-year basis. During the same period last year, the business earned $1.58 EPS.

A number of other analysts also recently commented on the stock. Raymond James boosted their target price 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 boosted their price target 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. Hovde Group dropped their price objective on shares of Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday. Wedbush decreased their target price on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. 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 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.50.

Customers Bancorp Price Performance

Shares of CUBI stock opened at $46.06 on Thursday. The firm has a fifty day moving average of $51.02 and a two-hundred day moving average of $49.39. 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 has a 1-year low of $15.80 and a 1-year high of $60.09. The firm has a market cap of $1.45 billion, a P/E ratio of 6.43 and a beta of 1.67.

Insider Buying and Selling at Customers Bancorp

In other news, CFO Carla A. Leibold sold 35,832 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 41,224 shares of the company’s stock, valued at approximately $2,191,055.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the firm’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 transaction of $36,097.20. Following the sale, the insider now directly owns 69,428 shares in the company, valued at approximately $3,762,997.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the firm’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 transaction of $1,904,470.80. Following the sale, the chief financial officer now owns 41,224 shares in the company, valued at $2,191,055.60. The disclosure for this sale can be found here. Corporate insiders own 9.40% of the company’s stock.

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. SummerHaven Investment Management LLC lifted its position in Customers Bancorp by 1.0% during the fourth quarter. SummerHaven Investment Management LLC now owns 20,202 shares of the bank’s stock worth $1,164,000 after purchasing an additional 205 shares during the period. BluePath Capital Management LLC bought a new stake in Customers Bancorp in the third quarter valued at approximately $31,000. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Customers Bancorp by 14.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 8,796 shares of the bank’s stock worth $303,000 after buying an additional 1,125 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of Customers Bancorp during the 4th quarter worth approximately $78,000. Finally, Yousif Capital Management LLC boosted its holdings in shares of Customers Bancorp by 11.3% during the 4th quarter. Yousif Capital Management LLC now owns 15,582 shares of the bank’s stock worth $898,000 after buying an additional 1,580 shares in the last quarter. 89.29% of the stock is owned by 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.