Customers Bancorp (NYSE:CUBI) Issues Earnings Results, Beats Expectations By $0.13 EPS

Customers Bancorp (NYSE:CUBI) posted its earnings results on Thursday. The bank reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.13, FiscalAI reports. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The firm had revenue of $240.24 million during the quarter, compared to the consensus estimate of $237.18 million.

Customers Bancorp Trading Up 3.3%

Shares of CUBI stock traded up $2.52 on Thursday, reaching $78.83. 306,361 shares of the stock were exchanged, compared to its average volume of 336,786. The firm has a 50 day moving average of $77.49 and a two-hundred day moving average of $76.99. The stock has a market cap of $2.66 billion, a P/E ratio of 9.61 and a beta of 1.52. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01. Customers Bancorp has a 1-year low of $63.44 and a 1-year high of $84.38.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CUBI shares. Piper Sandler upped their price target on shares of Customers Bancorp from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, June 26th. TD Cowen dropped their price objective on shares of Customers Bancorp from $94.00 to $91.00 and set a “buy” rating for the company in a research note on Monday, October 5th. JPMorgan Chase & Co. dropped their price objective on shares of Customers Bancorp from $96.00 to $92.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. Keefe, Bruyette & Woods lifted their price objective on Customers Bancorp from $88.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Finally, DA Davidson upped their target price on Customers Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.82.

Insider Buying and Selling at Customers Bancorp

In related news, Chairman Jay Sidhu sold 68,821 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the sale, the chairman directly owned 667,757 shares in the company, valued at approximately $53,480,658.13. This trade represents a 9.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 100,000 shares of company stock worth $7,981,084. Insiders own 10.45% of the company’s stock.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.