Customers Bancorp (NYSE:CUBI) Announces Quarterly Earnings Results

Key Points

• Customers Bancorp exceeded quarterly expectations: The bank reported EPS of $2.27, beating the $2.14 consensus estimate, while revenue of $240.24 million also topped forecasts of $237.18 million. Net margin was 19.07% and return on equity was 13.80%.
• Analysts maintain a generally positive outlook: Several firms raised their price targets, and the stock has a consensus “Moderate Buy” rating with an average target of $90.82.
• Shares rose following the results, reaching $78.83 in Thursday trading, while insiders have recently sold shares—including Chairman Jay Sidhu’s approximately $5.5 million transaction.

Customers Bancorp (NYSE:CUBI - Get Free Report) announced its quarterly earnings data on Thursday. The bank reported $2.27 EPS for the quarter, topping analysts' consensus estimates of $2.14 by $0.13, FiscalAI reports. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The company had revenue of $240.24 million during the quarter, compared to the consensus estimate of $237.18 million.

Customers Bancorp Price Performance

Shares of NYSE:CUBI traded up $2.52 during trading on Thursday, hitting $78.83. 306,361 shares of the stock were exchanged, compared to its average volume of 336,786. The company has a fifty day moving average price of $77.49 and a two-hundred day moving average price of $76.99. The company has a market cap of $2.66 billion, a PE ratio of 9.61 and a beta of 1.52. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.01. Customers Bancorp has a 12-month low of $63.44 and a 12-month high of $84.38.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CUBI shares. Piper Sandler lifted their price objective on Customers Bancorp from $86.00 to $92.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Keefe, Bruyette & Woods raised their price target on Customers Bancorp from $88.00 to $89.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. DA Davidson lifted their price target on Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Customers Bancorp in a report on Friday, September 25th. Finally, Fundamental Research set a $94.00 price objective on Customers Bancorp in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Customers Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.82.

Insider Buying and Selling at Customers Bancorp

In related news, Chairman Jay Sidhu sold 68,821 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was 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 of the company's stock, valued at $53,480,658.13. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 100,000 shares of company stock valued at $7,981,084. Corporate insiders own 10.45% of the company's stock.

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.

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