Customers Bancorp (NYSE:CUBI) Announces Earnings Results

Customers Bancorp (NYSE:CUBI) issued its quarterly earnings results on Thursday. The bank reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.15, Zacks reports. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%.

Customers Bancorp Price Performance

Shares of Customers Bancorp stock opened at $57.46 on Friday. The firm has a market cap of $1.80 billion, a P/E ratio of 9.33 and a beta of 1.68. The firm’s 50-day simple moving average is $51.41 and its 200-day simple moving average is $51.01. Customers Bancorp has a twelve month low of $42.31 and a twelve month high of $68.49. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.92 and a current ratio of 0.93.

Insider Buying and Selling

In other Customers Bancorp news, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $53.68, for a total value of $268,507.36. Following the transaction, the insider now directly owns 66,256 shares in the company, valued at $3,556,622.08. The trade was a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total transaction of $215,120.00. Following the sale, the director now directly owns 4,567 shares in the company, valued at $245,613.26. This represents a 46.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,440 shares of company stock valued at $5,425,815 over the last quarter. Corporate insiders own 6.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CUBI shares. Stephens reaffirmed an “equal weight” rating and issued a $58.00 target price on shares of Customers Bancorp in a report on Friday. Keefe, Bruyette & Woods increased their price objective on Customers Bancorp from $52.00 to $62.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler dropped their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Raymond James reduced their price target on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Finally, B. Riley upped their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.56.

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.