Customers Bancorp (NYSE:CUBI) Releases Earnings Results, Beats Expectations By $0.05 EPS

Customers Bancorp (NYSE:CUBI) released its earnings results on Thursday. The bank reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.05, FiscalAI reports. The firm had revenue of $227.28 million for the quarter, compared to analysts’ expectations of $229.24 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.

Customers Bancorp Trading Down 0.6%

Customers Bancorp stock traded down $0.49 during mid-day trading on Thursday, hitting $76.00. The company’s stock had a trading volume of 272,868 shares, compared to its average volume of 367,375. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The company has a 50 day moving average of $76.27 and a 200-day moving average of $74.50. The stock has a market cap of $2.57 billion, a PE ratio of 9.64 and a beta of 1.48. Customers Bancorp has a one year low of $59.34 and a one year high of $82.56.

Analyst Ratings Changes

A number of brokerages recently weighed in on CUBI. Morgan Stanley boosted their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Piper Sandler increased their target price on shares of Customers Bancorp from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. JPMorgan Chase & Co. raised their target price on shares of Customers Bancorp from $86.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Fundamental Research set a $94.00 price target on shares of Customers Bancorp in a research report on Wednesday, July 1st. Finally, Hovde Group lifted their target price on shares of Customers Bancorp from $80.00 to $86.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.62.

Insider Buying and Selling at Customers Bancorp

In other news, EVP Philip Watkins sold 3,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $75.67, for a total transaction of $227,010.00. Following the completion of the sale, the executive vice president owned 43,993 shares in the company, valued at approximately $3,328,950.31. This represents a 6.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Samvir S. Sidhu bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $72.58 per share, for a total transaction of $72,580.00. Following the completion of the purchase, the chief executive officer owned 521,714 shares in the company, valued at $37,866,002.12. The trade was a 0.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 10.45% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Large investors have recently modified their holdings of the business. Arax Advisory Partners raised its position in shares of Customers Bancorp by 218.9% in the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock valued at $26,000 after purchasing an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Customers Bancorp in the 3rd quarter worth approximately $29,000. Jones Financial Companies Lllp purchased a new stake in Customers Bancorp during the 1st quarter worth approximately $37,000. Transamerica Financial Advisors LLC grew its position in Customers Bancorp by 216.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock worth $43,000 after purchasing an additional 404 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new position in Customers Bancorp during the 4th quarter valued at approximately $105,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Company Profile

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.