Customers Bancorp (NYSE:CUBI) Releases Earnings Results, Beats Estimates By $0.06 EPS

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

Customers Bancorp Stock Performance

Shares of NYSE:CUBI traded down $2.57 on Friday, hitting $46.96. 1,225,065 shares of the company were exchanged, compared to its average volume of 298,831. The company’s 50 day moving average price is $51.63 and its two-hundred day moving average price is $48.89. Customers Bancorp has a one year low of $15.80 and a one year 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 firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 6.33 and a beta of 1.67.

Insider Transactions at Customers Bancorp

In other news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total transaction of $36,097.20. Following the sale, the insider now directly owns 69,428 shares in the company, valued at approximately $3,762,997.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the transaction, the insider now directly owns 69,428 shares of the company’s stock, valued at $3,762,997.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Carla A. Leibold sold 35,832 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $2,191,055.60. The disclosure for this sale can be found here. Insiders own 9.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CUBI shares. B. Riley raised their price target 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. Raymond James raised their price target 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. Wedbush dropped their target price on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Jefferies Financial Group lifted their target price on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.29.

About Customers Bancorp

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.