Customers Bancorp (NYSE:CUBI) Posts Earnings Results, Beats Expectations By $0.06 EPS

Customers Bancorp (NYSE:CUBI) posted its quarterly earnings results on Friday. The bank reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.06, Briefing.com reports. Customers Bancorp had a return on equity of 18.75% and a net margin of 17.23%. The company had revenue of $181.62 million for the quarter, compared to the consensus estimate of $183.48 million. During the same quarter in the prior year, the business posted $1.58 EPS. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year.

Customers Bancorp Price Performance

Shares of CUBI stock traded down $2.93 during mid-day trading on Friday, hitting $46.60. The company had a trading volume of 1,100,214 shares, compared to its average volume of 297,524. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.93 and a quick ratio of 0.91. The stock’s 50 day moving average price is $51.63 and its 200-day moving average price is $48.89. Customers Bancorp has a 52-week low of $15.80 and a 52-week high of $60.09. The company has a market capitalization of $1.47 billion, a P/E ratio of 6.33 and a beta of 1.67.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CUBI shares. Raymond James increased 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 report on Monday, January 29th. Jefferies Financial Group lifted their price objective on Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Wedbush decreased their price objective on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, B. Riley boosted their price objective on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, January 29th. 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.29.

Insider Activity at Customers Bancorp

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