Customers Bancorp (NYSE:CUBI) Announces Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Customers Bancorp (NYSE:CUBI) issued its quarterly earnings data on Thursday. The bank reported $1.36 earnings per share (EPS) for the quarter, topping 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 Stock Up 0.2 %

NYSE CUBI traded up $0.09 on Thursday, hitting $50.22. 659,425 shares of the stock traded hands, compared to its average volume of 341,230. The stock has a 50-day moving average of $51.46 and a 200 day moving average of $50.95. Customers Bancorp has a twelve month low of $42.31 and a twelve month high of $68.49. The company has a market capitalization of $1.57 billion, a P/E ratio of 8.15 and a beta of 1.68. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

Insider Buying and Selling at Customers Bancorp

In other Customers Bancorp news, CEO Jay S. Sidhu sold 860 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $54.73, for a total transaction of $47,067.80. Following the sale, the chief executive officer now owns 1,189,738 shares in the company, valued at $65,114,360.74. This represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Glenn Hedde sold 5,002 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the sale, the insider now 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 disclosure for this sale can be found here. Insiders have sold 96,440 shares of company stock worth $5,425,815 over the last quarter. 6.92% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CUBI shares. B. Riley lifted their price objective on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Raymond James cut their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods boosted their price target on Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com raised Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. Finally, Piper Sandler decreased their target price on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.22.

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.