Customers Bancorp, Inc. Expected to Post Q3 2024 Earnings of $1.54 Per Share (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Wedbush cut their Q3 2024 EPS estimates for shares of Customers Bancorp in a research report issued on Thursday, August 1st. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $1.54 per share for the quarter, down from their previous estimate of $1.65. Wedbush currently has a “Outperform” rating and a $79.00 target price on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.36 per share. Wedbush also issued estimates for Customers Bancorp’s FY2024 earnings at $6.35 EPS, Q1 2025 earnings at $1.74 EPS and Q4 2025 earnings at $1.94 EPS.

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

Several other analysts also recently commented on CUBI. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $76.00 price target (up previously from $65.00) on shares of Customers Bancorp in a research report on Monday, July 29th. DA Davidson increased their target price 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. Hovde Group dropped their target price on Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. B. Riley lifted their price objective 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, Jefferies Financial Group reduced their target price on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Customers Bancorp currently has an average rating of “Moderate Buy” and an average target price of $68.88.

Customers Bancorp Price Performance

Shares of NYSE CUBI opened at $57.50 on Friday. 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 market cap of $1.81 billion, a P/E ratio of 8.03 and a beta of 1.65. The stock has a 50 day moving average of $51.20 and a two-hundred day moving average of $51.00. Customers Bancorp has a twelve month low of $31.16 and a twelve month high of $68.49.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds have recently bought and sold shares of CUBI. Ridgewood Investments LLC purchased a new position in shares of Customers Bancorp in the second quarter valued at $48,000. GAMMA Investing LLC acquired a new position in Customers Bancorp during the fourth quarter worth about $78,000. Innealta Capital LLC purchased a new stake in shares of Customers Bancorp in the second quarter valued at about $74,000. Aigen Investment Management LP acquired a new stake in shares of Customers Bancorp in the fourth quarter valued at approximately $209,000. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Customers Bancorp during the 4th quarter worth approximately $218,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

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.