Customers Bancorp Inc (NYSE:CUBI) – Equities researchers at B. Riley upped their Q3 2019 EPS estimates for Customers Bancorp in a research note issued on Thursday, July 11th, according to Zacks Investment Research. B. Riley analyst S. Moss now forecasts that the bank will earn $0.72 per share for the quarter, up from their previous estimate of $0.71. B. Riley currently has a “Buy” rating and a $30.00 target price on the stock. B. Riley also issued estimates for Customers Bancorp’s Q4 2019 earnings at $0.67 EPS, FY2019 earnings at $2.00 EPS, Q1 2020 earnings at $0.63 EPS, Q2 2020 earnings at $0.71 EPS and FY2020 earnings at $2.90 EPS.
Customers Bancorp (NYSE:CUBI) last issued its earnings results on Wednesday, July 24th. The bank reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.04. Customers Bancorp had a net margin of 10.13% and a return on equity of 9.54%. The firm had revenue of $64.68 million during the quarter, compared to analyst estimates of $64.51 million. During the same quarter in the prior year, the business earned $0.73 earnings per share. Customers Bancorp’s revenue for the quarter was down 3.9% on a year-over-year basis.
Other equities research analysts also recently issued research reports about the stock. Sandler O’Neill downgraded shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Zacks Investment Research raised shares of Customers Bancorp from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Friday, July 12th. TheStreet downgraded shares of Customers Bancorp from a “b-” rating to a “c+” rating in a research note on Thursday, May 23rd. Maxim Group reaffirmed a “buy” rating and issued a $38.00 price target on shares of Customers Bancorp in a research note on Wednesday, July 10th. Finally, ValuEngine raised shares of Customers Bancorp from a “strong sell” rating to a “sell” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Customers Bancorp has a consensus rating of “Buy” and a consensus target price of $28.15.
Shares of CUBI traded down $0.31 during midday trading on Friday, hitting $19.36. The stock had a trading volume of 112,299 shares, compared to its average volume of 165,585. Customers Bancorp has a 1 year low of $16.72 and a 1 year high of $26.77. The stock has a market capitalization of $612.64 million, a price-to-earnings ratio of 7.97, a PEG ratio of 1.01 and a beta of 1.01. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.77. The company’s 50 day moving average is $20.27.
In other news, insider James T. Collins sold 5,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $20.61, for a total value of $113,355.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.54% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in CUBI. JPMorgan Chase & Co. boosted its stake in Customers Bancorp by 1,274.4% in the 1st quarter. JPMorgan Chase & Co. now owns 911,951 shares of the bank’s stock worth $16,697,000 after purchasing an additional 845,596 shares in the last quarter. Foundry Partners LLC acquired a new stake in Customers Bancorp in the 2nd quarter worth approximately $4,699,000. Millennium Management LLC boosted its stake in Customers Bancorp by 679.7% in the 4th quarter. Millennium Management LLC now owns 208,105 shares of the bank’s stock worth $3,788,000 after purchasing an additional 181,414 shares in the last quarter. BlackRock Inc. boosted its stake in Customers Bancorp by 2.4% in the 4th quarter. BlackRock Inc. now owns 4,480,650 shares of the bank’s stock worth $81,547,000 after purchasing an additional 105,983 shares in the last quarter. Finally, LSV Asset Management boosted its stake in Customers Bancorp by 25.3% in the 1st quarter. LSV Asset Management now owns 514,652 shares of the bank’s stock worth $9,423,000 after purchasing an additional 104,052 shares in the last quarter. Institutional investors own 81.15% of the company’s stock.
Customers Bancorp Company Profile
Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to small and middle market businesses, not-for-profits, and consumers. The company 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 certificates of deposit.