Customers Bancorp (NYSE:CUBI) Announces Earnings Results

Customers Bancorp (NYSE:CUBI) posted its quarterly earnings results on Friday. The bank reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.06, Briefing.com reports. The business had revenue of $181.62 million during the quarter, compared to analysts’ expectations of $183.48 million. Customers Bancorp had a net margin of 16.88% and a return on equity of 18.62%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the company posted $1.58 earnings per share.

Customers Bancorp Price Performance

NYSE CUBI traded down $2.71 on Friday, hitting $46.82. The stock had a trading volume of 1,628,469 shares, compared to its average volume of 236,674. Customers Bancorp has a 52-week low of $15.80 and a 52-week high of $60.09. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.91 and a current ratio of 0.93. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 6.54 and a beta of 1.67. The firm has a 50-day moving average of $51.40 and a 200-day moving average of $48.99.

Insiders Place Their Bets

In other Customers Bancorp news, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction that occurred 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 sale, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Glenn Hedde sold 666 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the transaction, 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 available through this link. Also, CFO Carla A. Leibold sold 35,832 shares of the stock in a transaction on 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 completion of the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at approximately $2,191,055.60. The disclosure for this sale can be found here. Corporate insiders own 9.40% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBI has been the subject of a number of analyst reports. Wedbush reduced their price objective on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating for the company in a report on Friday. Raymond James lifted their price objective on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, January 29th. B. Riley lifted their price objective on shares of Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a report on Monday, January 29th. Finally, Jefferies Financial Group upped their price objective 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 given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.29.

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.