Customers Bancorp (NYSE:CUBI) Releases Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Customers Bancorp (NYSE:CUBI) issued its earnings results on Thursday. The bank reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09), Briefing.com reports. The business had revenue of $167.10 million during the quarter, compared to the consensus estimate of $191.61 million. Customers Bancorp had a return on equity of 13.79% and a net margin of 15.22%. The business’s revenue was down 23.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.59 EPS.

Customers Bancorp Price Performance

Shares of NYSE CUBI traded down $0.45 during mid-day trading on Friday, reaching $45.68. 887,899 shares of the company traded hands, compared to its average volume of 346,592. Customers Bancorp has a fifty-two week low of $40.46 and a fifty-two week high of $68.49. The firm has a market cap of $1.45 billion, a PE ratio of 7.42 and a beta of 1.61. The stock has a fifty day simple moving average of $47.26 and a 200-day simple moving average of $48.92. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.93 and a quick ratio of 0.91.

Insiders Place Their Bets

In other news, CEO Samvir S. Sidhu bought 2,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average cost of $45.53 per share, with a total value of $113,825.00. Following the completion of the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.92% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CUBI. DA Davidson raised their price target on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Hovde Group cut Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 target price on the stock. in a research note on Friday, August 9th. Keefe, Bruyette & Woods cut their price objective on shares of Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Wedbush cut shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. 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 research report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Customers Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.14.

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.