Equities Analysts Offer Predictions for Customers Bancorp, Inc.'s FY2024 Earnings (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI - Free Report) - Analysts at DA Davidson reduced their FY2024 EPS estimates for shares of Customers Bancorp in a research note issued to investors on Tuesday, April 30th. DA Davidson analyst P. Winter now expects that the bank will post earnings of $6.34 per share for the year, down from their prior forecast of $7.00. The consensus estimate for Customers Bancorp's current full-year earnings is $6.60 per share.

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

A number of other equities analysts have also recently issued reports on the stock. B. Riley raised their price objective on shares of Customers Bancorp from $62.00 to $77.00 and gave the company a "buy" rating in a research note on Monday, January 29th. Raymond James raised their price objective on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a "strong-buy" rating in a research note on Monday, January 29th. Jefferies Financial Group raised their price objective on shares of Customers Bancorp from $61.00 to $64.00 and gave the company a "buy" rating in a research note on Monday, April 8th. Hovde Group reduced their price objective on shares of Customers Bancorp from $66.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday. Finally, Wedbush reduced their price objective on shares of Customers Bancorp from $63.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, April 26th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Customers Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.50.

Customers Bancorp Price Performance

Shares of Customers Bancorp stock traded up $1.31 during midday trading on Thursday, reaching $47.40. The company had a trading volume of 331,260 shares, compared to its average volume of 314,810. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 6.43 and a beta of 1.67. The stock has a fifty day simple moving average of $51.02 and a 200 day simple moving average of $49.39. Customers Bancorp has a 1-year low of $15.80 and a 1-year high of $60.09.

Institutional Trading of Customers Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in Customers Bancorp by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,153,952 shares of the bank's stock valued at $124,114,000 after acquiring an additional 40,134 shares during the period. Wellington Management Group LLP increased its position in Customers Bancorp by 28.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,132,205 shares of the bank's stock valued at $73,454,000 after acquiring an additional 475,907 shares during the period. Charles Schwab Investment Management Inc. increased its position in Customers Bancorp by 9.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 407,920 shares of the bank's stock valued at $23,504,000 after acquiring an additional 35,230 shares during the period. American Century Companies Inc. increased its position in Customers Bancorp by 14.6% in the 3rd quarter. American Century Companies Inc. now owns 364,767 shares of the bank's stock valued at $12,566,000 after acquiring an additional 46,347 shares during the period. Finally, LSV Asset Management increased its position in Customers Bancorp by 7.8% in the 3rd quarter. LSV Asset Management now owns 364,500 shares of the bank's stock valued at $12,557,000 after acquiring an additional 26,331 shares during the period. Institutional investors own 89.29% of the company's stock.

Insider Buying and Selling at Customers Bancorp

In other news, CFO Carla A. Leibold sold 35,832 shares of the business's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction dated 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 sale, the insider now owns 69,428 shares of the company's stock, valued at approximately $3,762,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Carla A. Leibold sold 35,832 shares of Customers Bancorp stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the sale, the chief financial officer now directly owns 41,224 shares of the company's stock, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. Company insiders own 9.40% of the company's stock.

About Customers Bancorp

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.