Customers Bancorp (NYSE:CUBI) Releases Quarterly Earnings Results, Beats Expectations By $0.30 EPS

Customers Bancorp (NYSE:CUBI) announced its earnings results on Thursday. The bank reported $2.20 EPS for the quarter, beating the consensus estimate of $1.90 by $0.30, Zacks reports. The business had revenue of $231.77 million during the quarter, compared to the consensus estimate of $185.10 million. Customers Bancorp had a return on equity of 13.82% and a net margin of 12.43%.During the same period in the prior year, the business posted $1.34 earnings per share.

Customers Bancorp Price Performance

Customers Bancorp stock opened at $70.16 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market capitalization of $2.22 billion, a PE ratio of 14.23 and a beta of 1.55. Customers Bancorp has a one year low of $40.75 and a one year high of $72.51. The business has a 50 day simple moving average of $66.90 and a 200 day simple moving average of $59.42.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of CUBI. Anatole Investment Management Ltd bought a new position in shares of Customers Bancorp during the 2nd quarter worth approximately $17,593,000. Millennium Management LLC lifted its position in shares of Customers Bancorp by 71.4% during the 1st quarter. Millennium Management LLC now owns 274,730 shares of the bank’s stock worth $13,791,000 after buying an additional 114,430 shares during the period. Invesco Ltd. raised its position in Customers Bancorp by 93.1% in the 2nd quarter. Invesco Ltd. now owns 234,782 shares of the bank’s stock valued at $13,791,000 after purchasing an additional 113,172 shares during the last quarter. Bridgeway Capital Management LLC bought a new position in Customers Bancorp in the 2nd quarter valued at $6,500,000. Finally, Tidal Investments LLC raised its position in Customers Bancorp by 45.3% in the 2nd quarter. Tidal Investments LLC now owns 301,982 shares of the bank’s stock valued at $17,738,000 after purchasing an additional 94,105 shares during the last quarter. Institutional investors own 89.29% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CUBI shares. DA Davidson increased their price objective on Customers Bancorp from $69.00 to $78.00 and gave the company a “buy” rating in a report on Monday, July 28th. Cowen initiated coverage on Customers Bancorp in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. TD Cowen initiated coverage on Customers Bancorp in a report on Thursday, September 25th. They issued a “buy” rating and a $89.00 target price on the stock. National Bankshares set a $89.00 target price on Customers Bancorp in a report on Wednesday, September 24th. Finally, Zacks Research lowered Customers Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, September 26th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $76.88.

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.