Customers Bancorp (NYSE:CUBI) Posts Earnings Results

Key Points

• Customers Bancorp reported an earnings per share (EPS) of $2.20 for the quarter, exceeding the consensus estimate by $0.33.
• Shares of Customers Bancorp increased by 2.5%, closing at $65.58 with a market capitalization of $2.07 billion.
• Wall Street analysts have mixed ratings, with five analysts issuing a Buy rating and five giving a Hold rating, while the average target price is $76.88.

Customers Bancorp (NYSE:CUBI - Get Free Report) posted its earnings results on Thursday. The bank reported $2.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.30, Zacks reports. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%.The firm had revenue of $231.77 million for the quarter, compared to the consensus estimate of $185.10 million. During the same quarter in the prior year, the business earned $1.34 EPS.

Customers Bancorp Stock Performance

CUBI stock opened at $65.58 on Friday. The stock has a market capitalization of $2.07 billion, a PE ratio of 16.23 and a beta of 1.55. Customers Bancorp has a 12-month low of $40.75 and a 12-month high of $72.51. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock's 50 day simple moving average is $66.82 and its 200 day simple moving average is $59.23.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. raised its stake in Customers Bancorp by 24.8% during the 2nd quarter. Osaic Holdings Inc. now owns 2,121 shares of the bank's stock valued at $124,000 after buying an additional 421 shares during the last quarter. Public Sector Pension Investment Board raised its stake in Customers Bancorp by 7.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 120,225 shares of the bank's stock valued at $7,062,000 after buying an additional 8,133 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Customers Bancorp by 235.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,701 shares of the bank's stock valued at $335,000 after buying an additional 4,000 shares during the last quarter. Anatole Investment Management Ltd purchased a new stake in shares of Customers Bancorp in the 2nd quarter worth $17,593,000. Finally, Tidal Investments LLC increased its stake in shares of Customers Bancorp by 45.3% in the 2nd quarter. Tidal Investments LLC now owns 301,982 shares of the bank's stock worth $17,738,000 after purchasing an additional 94,105 shares in the last quarter. 89.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CUBI. Cowen began coverage on Customers Bancorp in a report on Wednesday, September 24th. They set a "buy" rating on the stock. Zacks Research downgraded Customers Bancorp from a "strong-buy" rating to a "hold" rating in a report on Friday, September 26th. B. Riley upped their target price on Customers Bancorp from $85.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. DA Davidson upped their target price on Customers Bancorp from $69.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, National Bankshares set a $89.00 price target on Customers Bancorp in a research report on Wednesday, September 24th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Customers Bancorp has a consensus rating of "Moderate Buy" and a consensus target price 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.