Wedbush Analysts Decrease Earnings Estimates for Customers Bancorp, Inc. (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Equities research analysts at Wedbush cut their Q3 2024 EPS estimates for Customers Bancorp in a research report issued to clients and investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $1.43 per share for the quarter, down from their prior estimate of $1.54. Wedbush currently has a “Neutral” rating and a $53.00 target price on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.34 per share. Wedbush also issued estimates for Customers Bancorp’s Q4 2024 earnings at $1.49 EPS, FY2024 earnings at $6.09 EPS, Q1 2025 earnings at $1.54 EPS, Q2 2025 earnings at $1.61 EPS and FY2026 earnings at $7.00 EPS.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.06. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The firm had revenue of $198.69 million during the quarter, compared to the consensus estimate of $184.40 million. During the same quarter in the previous year, the firm posted $1.65 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year.

A number of other analysts also recently weighed in on CUBI. Keefe, Bruyette & Woods cut their target price on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Jefferies Financial Group cut their price objective on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. DA Davidson increased their price objective on shares of Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. B. Riley boosted their target price on shares of Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Hovde Group lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.25.

Customers Bancorp Trading Up 1.8 %

Shares of CUBI stock opened at $44.78 on Wednesday. The stock has a market cap of $1.42 billion, a P/E ratio of 6.25 and a beta of 1.62. Customers Bancorp has a 1 year low of $31.16 and a 1 year high of $68.49. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The stock has a 50 day simple moving average of $51.79 and a 200 day simple moving average of $49.88.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CUBI. Hood River Capital Management LLC grew its holdings in Customers Bancorp by 94.3% during the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after acquiring an additional 266,462 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Customers Bancorp by 252.1% in the second quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock valued at $12,185,000 after acquiring an additional 181,819 shares during the last quarter. Peregrine Capital Management LLC acquired a new stake in shares of Customers Bancorp during the second quarter worth $7,690,000. Vanguard Group Inc. grew its holdings in Customers Bancorp by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after acquiring an additional 111,654 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Customers Bancorp by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after purchasing an additional 87,557 shares during the period. Institutional investors own 89.29% of the company’s stock.

Insider Activity at Customers Bancorp

In related news, CEO Samvir S. Sidhu acquired 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average price of $45.53 per share, with a total value of $113,825.00. Following the purchase, the chief executive officer now directly owns 144,504 shares in the company, valued at $6,579,267.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.92% of the stock is currently owned by insiders.

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.