Customers Bancorp (NYSE:CUBI) issued an update on its FY 2021
After-Hours earnings guidance on Wednesday morning. The company provided earnings per share guidance of 4.00 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.11. Customers Bancorp also updated its FY 2023
After-Hours guidance to 4.50 EPS.
NYSE CUBI traded down $0.79 during trading on Wednesday, reaching $21.22. The company's stock had a trading volume of 180,224 shares, compared to its average volume of 165,684. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $670.57 million, a PE ratio of 6.93 and a beta of 1.55. The business has a 50-day moving average price of $19.88 and a 200-day moving average price of $14.97. Customers Bancorp has a 1-year low of $8.36 and a 1-year high of $23.19.
Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Wednesday, October 28th. The bank reported $1.48 EPS for the quarter, beating the Zacks' consensus estimate of $1.00 by $0.48. Customers Bancorp had a net margin of 17.45% and a return on equity of 12.53%. The company had revenue of $141.23 million for the quarter, compared to analyst estimates of $126.11 million. As a group, analysts expect that Customers Bancorp will post 2.78 earnings per share for the current year.
Several brokerages have recently commented on CUBI. Hovde Group initiated coverage on shares of Customers Bancorp in a research note on Wednesday, October 14th. They issued an outperform rating and a $20.00 target price on the stock. Zacks Investment Research downgraded shares of Customers Bancorp from a buy rating to a hold rating in a research report on Monday, January 11th. Wedbush assumed coverage on Customers Bancorp in a report on Friday, January 15th. They set an outperform rating and a $30.00 price objective for the company. Jefferies Financial Group assumed coverage on Customers Bancorp in a report on Friday, December 4th. They set a buy rating and a $21.00 price objective for the company. Finally, B. Riley boosted their price objective on Customers Bancorp from $25.00 to $26.00 and gave the stock a buy rating in a report on Thursday, January 7th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. The company has a consensus rating of Buy and an average target price of $24.17.
In other news, insider James T. Collins sold 1,680 shares of the company's stock in a transaction dated Tuesday, January 12th. The stock was sold at an average price of $22.26, for a total value of $37,396.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Glenn Hedde sold 9,167 shares of the company's stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $14.42, for a total value of $132,188.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,600 shares of company stock valued at $373,500. 9.71% of the stock is currently owned by company insiders.
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. It operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as non-retail time deposit.
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7 Stocks That Will Help You Forget About the Fed
Normally when the Federal Reserve (i.e. the Fed) makes an announcement, the market reacts predictably. That’s due, in large part, to the nature of what the Fed normally announces. Will interest rates go up, down, or remain unchanged? And for their part, the markets have a pretty good idea what the Fed will do before they do it.
But the Fed’s announcement of August 26 was a little different. They talked briefly about interest rates (they’re staying really low for a long time). But they were more concerned about inflation. Well, the Fed is always concerned about inflation, but this time they really mean it. Basic economics says that low-interest rates should spur inflation.
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View the "7 Stocks That Will Help You Forget About the Fed".