Customers Bancorp, Inc. (NYSE:CUBI – Get Rating) – Research analysts at Jefferies Financial Group raised their second-quarter 2022 EPS estimates for Customers Bancorp in a research note released to investors on Monday, July 11. Jefferies Financial Group analyst C. Haire now expects the bank to post earnings of $2.00 per share for the quarter, up from its previous forecast of $1.87. The consensus estimate of Customers Bancorp’s current annual earnings is $7.30 per share. Jefferies Financial Group also released estimates for Customers Bancorp Q3 2022 earnings at $2.00 EPS, Q4 2022 earnings at $1.96 EPS, Q1 2023 earnings at $1.84 EPS, Q2 2023 earnings at $1.86 EPS, Q3 2023 earnings at $1.85 EPS, Q4 2023 earnings at $1.79 EPS and fiscal year 2023 earnings at $7.58 EPS. Customers Bancorp (NYSE:CUBI – Get Rating) last released its quarterly results on Wednesday, April 27. The bank reported earnings per share of $2.19 for the quarter, beating analysts’ consensus estimate of $1.66 by $0.53. Clients Bancorp had a net margin of 40.14% and a return on equity of 30.79%. The company posted revenue of $185.90 million in the quarter, compared to analyst estimates of $170.48 million.
CUBI has been the subject of several other research reports. Stephens began covering Customers Bancorp in a report on Monday, March 28. They issued an “equal weight” rating and a price target of $62.50 for the company. StockNews.com took over coverage of Customers Bancorp stocks in a Thursday, March 31 research report. They set a “hold” rating for the company. B. Riley lowered his target price on Customers Bancorp stock from $90.00 to $85.00 in a report on Monday. Keefe, Bruyette & Woods upgraded Customers Bancorp shares from a ‘market performer’ rating to an ‘outperformer’ rating and raised their price target for the stock from $72.00 to 80.00 $ in a Monday, March 28 research report. Finally, Maxim Group reissued a “buy” rating and set a price target of $85.00 on Customers Bancorp stock in a Friday, April 29 research note. Four investment analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.07.
CUBI opened at $34.36 on Thursday. The company has a 50-day moving average price of $37.41 and a two-hundred-day moving average price of $50.31. The company has a debt ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $1.13 billion, a price-earnings ratio of 3.43 and a beta of 1.61. Bancorp Customers has a 1-year minimum of $32.19 and a 1-year maximum of $76.13.
Separately, CEO Samvir S. Sidhu bought 2,965 shares in a trade on Friday, May 6. The shares were purchased at an average price of $42.10 per share, for a total transaction of $124,826.50. Following the completion of the purchase, the CEO now directly owns 80,637 shares of the company, valued at approximately $3,394,817.70. The purchase was disclosed in a filing with the SEC, which is available via this link. Additionally, Chief Financial Officer Carla A. Leibold purchased 1,000 shares of the company in a transaction dated Friday, May 6. The shares were acquired at an average price of $42.10 per share, for a total transaction of $42,100.00. Following the purchase, the CFO now owns 68,348 shares of the company, valued at $2,877,450.80. Disclosure of this purchase can be found here. Insiders purchased a total of 4,465 shares of the company worth $186,912 during the last quarter. 6.75% of the shares are held by insiders.
A number of hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. BlackRock Inc. increased its stake in Customers Bancorp shares by 4.6% in the first quarter. BlackRock Inc. now owns 4,837,269 shares of the bank valued at $252,216,000 after purchasing an additional 214,065 shares last quarter. State Street Corp increased its stake in Customers Bancorp by 56.3% in the first quarter. State Street Corp now owns 2,282,972 shares of the bank valued at $119,034,000 after buying an additional 822,072 shares in the last quarter. Vanguard Group Inc. increased its stake in Customers Bancorp by 2.0% in the first quarter. Vanguard Group Inc. now owns 1,948,419 shares of the bank valued at $101,591,000 after purchasing an additional 37,717 shares during the period. Victory Capital Management Inc. increased its position in Customers Bancorp shares by 75.0% during the first quarter. Victory Capital Management Inc. now owns 998,379 shares of the bank worth $50,272,000 after purchasing an additional 427,959 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Customers Bancorp shares by 5.9% in the 4th quarter. JPMorgan Chase & Co. now owns 557,238 shares of the bank valued at $36,427,000 after acquiring 30,974 additional shares in the last quarter. Institutional investors and hedge funds hold 83.48% of the company’s shares.
About Bancorp Customers (Get an assessment)
Customers Bancorp, Inc operates as a banking holding company for Customers Bank which provides financial products and services to individuals and small and medium businesses. The Company offers deposit products, including checking, savings, MMDA and other deposit accounts. It offers lending products, including commercial warehouse mortgages, multifamily and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgages and installment loans.
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