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

Customers Bancorp (NYSE:CUBI) posted its quarterly earnings data on Thursday. The bank reported $1.36 earnings per share 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 Price Performance

Customers Bancorp stock opened at $50.22 on Friday. The firm has a market capitalization of $1.57 billion, a P/E ratio of 8.15 and a beta of 1.68. Customers Bancorp has a one year low of $42.31 and a one year high of $68.49. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. The business has a fifty day moving average price of $51.36 and a 200-day moving average price of $50.94.

Analysts Set New Price Targets

CUBI has been the topic of a number of research analyst reports. StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, December 1st. 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 note on Monday, November 4th. Stephens raised their price target on shares of Customers Bancorp from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. B. Riley lifted their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Raymond James reduced their price objective 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. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Customers Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.22.

Insider Activity at Customers Bancorp

In other news, Director Robert Neil Mackay sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now owns 4,567 shares of the company’s stock, valued at approximately $245,613.26. This represents a 46.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jay S. Sidhu sold 86,578 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $56.54, for a total value of $4,895,120.12. Following the completion of the sale, the chief executive officer now owns 1,090,598 shares in the company, valued at $61,662,410.92. This trade represents a 7.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,440 shares of company stock worth $5,425,815. 6.92% of the stock is owned by company 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.