Wedbush Analysts Decrease Earnings Estimates for Customers Bancorp, Inc. (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI - Free Report) - Analysts at Wedbush decreased their Q2 2024 earnings per share estimates for Customers Bancorp in a research report issued on Thursday, May 2nd. Wedbush analyst D. Chiaverini now expects that the bank will post earnings of $1.61 per share for the quarter, down from their previous forecast of $1.72. Wedbush currently has a "Outperform" rating and a $61.00 target price on the stock. The consensus estimate for Customers Bancorp's current full-year earnings is $6.50 per share. Wedbush also issued estimates for Customers Bancorp's Q3 2024 earnings at $1.73 EPS, Q4 2024 earnings at $1.78 EPS, FY2024 earnings at $6.80 EPS, Q3 2025 earnings at $1.90 EPS, Q4 2025 earnings at $1.87 EPS and FY2025 earnings at $7.45 EPS.

CUBI has been the topic of a number of other research reports. Raymond James raised their target price on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a "strong-buy" rating in a research report on Monday, January 29th. B. Riley upped their target price on Customers Bancorp from $62.00 to $77.00 and gave the stock a "buy" rating in a report on Monday, January 29th. Hovde Group cut their price target on Customers Bancorp from $66.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday. Finally, Jefferies Financial Group boosted their price target on Customers Bancorp from $61.00 to $64.00 and gave the stock a "buy" rating in a research report on Monday, April 8th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $61.50.

Customers Bancorp Stock Up 1.8 %

Shares of Customers Bancorp stock traded up $0.85 during trading on Friday, hitting $48.25. 218,317 shares of the stock traded hands, compared to its average volume of 313,688. 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 stock's fifty day simple moving average is $50.92 and its 200 day simple moving average is $49.37. The firm has a market cap of $1.52 billion, a P/E ratio of 6.62 and a beta of 1.67. Customers Bancorp has a 52-week low of $15.80 and a 52-week high of $60.09.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.63 by $0.05. The business had revenue of $181.62 million for 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%. During the same period last year, the company posted $1.58 earnings per share. The company's quarterly revenue was up 8.1% compared to the same quarter last year.

Institutional Investors Weigh In On Customers Bancorp

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of 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 last quarter. Access Investment Management LLC acquired a new stake in Customers Bancorp during the 4th quarter worth about $16,194,000. Federated Hermes Inc. raised its stake in shares of Customers Bancorp by 3,784.1% during the 4th quarter. Federated Hermes Inc. now owns 138,196 shares of the bank's stock valued at $7,963,000 after buying an additional 134,638 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Customers Bancorp by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 183,169 shares of the bank's stock valued at $10,554,000 after buying an additional 91,311 shares during the period. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Customers Bancorp in the fourth quarter worth about $3,680,000. Hedge funds and other institutional investors own 89.29% of the company's stock.

Insider Transactions 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 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 owns 41,224 shares in the company, valued at $2,191,055.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction dated Tuesday, February 27th. The stock was 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 SEC, which is accessible through this hyperlink. Also, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at $2,191,055.60. The disclosure for this sale can be found here. 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.