Customers Bancorp (NYSE:CUBI) Announces Earnings Results

Customers Bancorp (NYSE:CUBI) announced its quarterly earnings data on Thursday. The bank reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.13, FiscalAI reports. The firm had revenue of $240.24 million during the quarter, compared to the consensus estimate of $237.18 million. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%. During the same quarter in the previous year, the company posted $2.20 earnings per share.

Customers Bancorp Trading Up 2.8%

CUBI stock traded up $2.23 on Friday, reaching $80.96. The company’s stock had a trading volume of 16,629 shares, compared to its average volume of 335,143. The business has a fifty day simple moving average of $77.40 and a two-hundred day simple moving average of $77.04. Customers Bancorp has a 12-month low of $63.44 and a 12-month high of $84.38. The firm has a market cap of $2.73 billion, a PE ratio of 9.80 and a beta of 1.52. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00.

Insider Transactions at Customers Bancorp

In other Customers Bancorp news, Chairman Jay Sidhu sold 68,821 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total value of $5,511,873.89. Following the completion of the transaction, the chairman directly owned 667,757 shares in the company, valued at approximately $53,480,658.13. This represents a 9.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 100,000 shares of company stock worth $7,981,084. 10.45% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on CUBI shares. Morgan Stanley downgraded shares of Customers Bancorp from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $88.00 to $89.00 in a research note on Tuesday, September 8th. JPMorgan Chase & Co. dropped their price target on shares of Customers Bancorp from $96.00 to $92.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. Piper Sandler raised their price target 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. TD Cowen decreased their price objective on shares of Customers Bancorp from $94.00 to $91.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Finally, Fundamental Research set a $94.00 price objective on shares of Customers Bancorp in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $90.82.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.