Wedbush Equities Analysts Decrease Earnings Estimates for Customers Bancorp, Inc. (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Equities research analysts at Wedbush lowered their Q2 2024 earnings per share estimates for Customers Bancorp in a research note issued to investors on Thursday, May 2nd. Wedbush analyst D. Chiaverini now anticipates that the bank will earn $1.61 per share for the quarter, down from their prior forecast of $1.72. Wedbush currently has a “Outperform” rating and a $61.00 target price on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.50 per share. Wedbush also issued estimates for Customers Bancorp’s Q3 2024 earnings at $1.73 EPS, Q4 2024 earnings at $1.78 EPS, FY2024 earnings at $6.80 EPS, Q3 2025 earnings at $1.90 EPS, Q4 2025 earnings at $1.87 EPS and FY2025 earnings at $7.45 EPS.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Friday, April 26th. The bank reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.05. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.17%. The company had revenue of $181.62 million during the quarter, compared to the consensus estimate of $183.48 million. During the same quarter in the prior year, the firm earned $1.58 EPS. The company’s revenue was up 8.1% compared to the same quarter last year.

A number of other research firms also recently weighed in on CUBI. Hovde Group cut their price target on shares of Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday. B. Riley upped their price target on Customers Bancorp from $62.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Jefferies Financial Group increased their price objective on Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a report on Monday, April 8th. Finally, Raymond James upped their target price on Customers Bancorp from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 29th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.50.

Customers Bancorp Trading Up 1.8 %

Shares of NYSE CUBI opened at $48.25 on Friday. The business has a 50 day simple moving average of $50.92 and a 200 day simple moving average of $49.37. Customers Bancorp has a 52 week low of $15.80 and a 52 week high of $60.09. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 6.62 and a beta of 1.67. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.93.

Institutional Trading of Customers Bancorp

Institutional investors have recently bought and sold shares of the business. BluePath Capital Management LLC bought a new position in shares of Customers Bancorp in the 3rd quarter worth $31,000. GAMMA Investing LLC bought a new stake in shares of Customers Bancorp in the 4th quarter valued at about $78,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of Customers Bancorp in the 3rd quarter valued at approximately $112,000. Federated Hermes Inc. boosted its stake in Customers Bancorp by 29,550.0% during the 3rd quarter. Federated Hermes Inc. now owns 3,558 shares of the bank’s stock worth $123,000 after acquiring an additional 3,546 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Customers Bancorp during the fourth quarter valued at approximately $209,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Insider Activity

In other news, insider Glenn Hedde sold 666 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction of $36,097.20. Following the sale, 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 Securities & Exchange Commission, which is available through the SEC website. In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total value of $36,097.20. Following the transaction, 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 can be accessed through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the company’s stock in a transaction on 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 directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. 9.40% of the stock is currently owned by corporate insiders.

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.