Customers Bancorp (NYSE:CUBI) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Customers Bancorp (NYSE:CUBI) posted its quarterly earnings results on Friday. The bank reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.05, Briefing.com reports. The firm had revenue of $181.62 million for the quarter, compared to analyst estimates of $183.48 million. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. Customers Bancorp’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.58 earnings per share.

Customers Bancorp Price Performance

CUBI stock traded up $0.78 during trading on Monday, hitting $47.60. The company had a trading volume of 605,149 shares, compared to its average volume of 308,393. The company has a fifty day moving average price of $51.40 and a two-hundred day moving average price of $49.21. Customers Bancorp has a fifty-two week low of $15.80 and a fifty-two week high of $60.09. The company has a market cap of $1.50 billion, a P/E ratio of 6.64 and a beta of 1.67. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89.

Insiders Place Their Bets

In other Customers Bancorp news, insider Glenn Hedde sold 666 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the transaction, the insider now directly owns 69,428 shares in the company, valued at $3,762,997.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Carla A. Leibold sold 35,832 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $53.15, for a total transaction of $1,904,470.80. Following the transaction, the chief financial officer now directly owns 41,224 shares in the company, valued at $2,191,055.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Glenn Hedde sold 666 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total transaction of $36,097.20. Following the completion of the sale, the insider now directly owns 69,428 shares of the company’s stock, valued at approximately $3,762,997.60. The disclosure for this sale can be found here. Corporate insiders own 9.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Jefferies Financial Group boosted their price target on shares of Customers Bancorp from $61.00 to $64.00 and gave the company a “buy” rating in a report on Monday, April 8th. Wedbush dropped their target price on shares of Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday. B. Riley increased their price objective on Customers Bancorp from $62.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, January 29th. Finally, Raymond James increased their price target on shares of Customers Bancorp from $65.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, January 29th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.29.

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.