Customers Bancorp (NYSE:CUBI) Announces Quarterly Earnings Results

Customers Bancorp (NYSE:CUBI) announced its earnings results on Thursday. The bank reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.05, FiscalAI reports. The firm had revenue of $227.28 million for the quarter, compared to the consensus estimate of $229.24 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.80 EPS.

Customers Bancorp Price Performance

Customers Bancorp stock opened at $76.00 on Friday. Customers Bancorp has a 12 month low of $59.34 and a 12 month high of $82.56. The business has a 50 day simple moving average of $76.31 and a 200-day simple moving average of $74.51. The stock has a market capitalization of $2.57 billion, a PE ratio of 9.64 and a beta of 1.48. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.01 and a quick ratio of 1.01.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Morgan Stanley raised their price objective on shares of Customers Bancorp from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. DA Davidson raised their price target on shares of Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. lifted 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. Piper Sandler increased their price target on Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Customers Bancorp in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $89.62.

Insider Transactions at Customers Bancorp

In other Customers Bancorp news, Chairman Jay S. Sidhu sold 60,315 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $76.23, for a total transaction of $4,597,812.45. Following the transaction, the chairman owned 767,557 shares of the company’s stock, valued at $58,510,870.11. This represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Philip Watkins sold 3,000 shares of Customers Bancorp stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $75.67, for a total value of $227,010.00. Following the completion of the sale, the executive vice president owned 43,993 shares of the company’s stock, valued at $3,328,950.31. This trade represents a 6.38% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 10.45% of the company’s stock.

Institutional Investors Weigh In On Customers Bancorp

Several hedge funds have recently modified their holdings of the stock. Arax Advisory Partners raised its stake in Customers Bancorp by 218.9% during the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after purchasing an additional 243 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Customers Bancorp during the 3rd quarter worth $29,000. Transamerica Financial Advisors LLC increased its holdings in shares of 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 buying an additional 404 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Customers Bancorp in the 1st quarter worth $37,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Customers Bancorp in the 4th quarter worth $105,000. 89.29% of the stock is owned by institutional investors and hedge funds.

About Customers Bancorp

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.