B. Riley Weighs in on Customers Bancorp, Inc.'s Q2 2024 Earnings (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI - Free Report) - B. Riley lowered their Q2 2024 earnings estimates for Customers Bancorp in a report issued on Monday, April 29th. B. Riley analyst H. Goetsch now forecasts that the bank will earn $1.37 per share for the quarter, down from their previous estimate of $1.74. B. Riley currently has a "Buy" rating and a $77.00 target price on the stock. The consensus estimate for Customers Bancorp's current full-year earnings is $6.82 per share. B. Riley also issued estimates for Customers Bancorp's Q3 2024 earnings at $1.41 EPS, Q4 2024 earnings at $1.61 EPS and FY2024 earnings at $6.06 EPS.

A number of other research firms have also recently weighed in on CUBI. Wedbush cut their price objective on shares of Customers Bancorp from $63.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, April 26th. Raymond James raised their target price on shares of Customers Bancorp from $65.00 to $72.00 and gave the stock a "strong-buy" rating in a research report on Monday, January 29th. Finally, Jefferies Financial Group raised their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a "buy" rating in a research report on Monday, April 8th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.29.

Customers Bancorp Stock Up 0.9 %

CUBI stock traded up $0.39 during midday trading on Wednesday, reaching $46.06. 558,872 shares of the company were exchanged, compared to its average volume of 314,615. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.93. Customers Bancorp has a 1-year low of $15.80 and a 1-year high of $60.09. The stock's 50-day simple moving average is $51.14 and its 200 day simple moving average is $49.41. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 6.38 and a beta of 1.67.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.05. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.17%. The firm had revenue of $181.62 million for the quarter, compared to analysts' expectations of $183.48 million. During the same quarter last year, the company earned $1.58 earnings per share. The firm's revenue was up 8.1% compared to the same quarter last year.

Insider Transactions at Customers Bancorp

In related news, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total value of $1,904,470.80. Following the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total transaction of $36,097.20. Following the completion of the transaction, the insider now owns 69,428 shares in the company, valued at $3,762,997.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company's stock.

Institutional Investors Weigh In On Customers Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of CUBI. BluePath Capital Management LLC acquired a new stake in Customers Bancorp in the third quarter valued at $31,000. GAMMA Investing LLC acquired a new position in shares of Customers Bancorp during the 4th quarter worth $78,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Customers Bancorp during the 3rd quarter worth $112,000. Federated Hermes Inc. raised its stake in shares of Customers Bancorp by 29,550.0% during the 3rd quarter. Federated Hermes Inc. now owns 3,558 shares of the bank's stock worth $123,000 after buying an additional 3,546 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in shares of Customers Bancorp during the 4th quarter worth $209,000. Institutional investors and hedge funds own 89.29% of the company's stock.

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.