Customers Bancorp, Inc. (NYSE:CUBI) Forecasted to Earn Q3 2024 Earnings of $1.43 Per Share

Customers Bancorp, Inc. (NYSE:CUBI) – Analysts at Wedbush reduced their Q3 2024 earnings per share estimates for Customers Bancorp in a research report issued to clients and investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $1.43 per share for the quarter, down from their prior estimate of $1.54. Wedbush currently has a “Neutral” rating and a $53.00 target price on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.34 per share. Wedbush also issued estimates for Customers Bancorp’s Q4 2024 earnings at $1.49 EPS, FY2024 earnings at $6.09 EPS, Q1 2025 earnings at $1.54 EPS, Q2 2025 earnings at $1.61 EPS and FY2026 earnings at $7.00 EPS.

Other equities analysts have also recently issued reports about the company. Jefferies Financial Group dropped their target price on Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Hovde Group cut Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research report on Friday, August 9th. DA Davidson lifted their price objective on Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. B. Riley upped their target price on shares of Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $62.25.

Customers Bancorp Stock Performance

NYSE CUBI opened at $45.83 on Wednesday. The stock has a market cap of $1.45 billion, a P/E ratio of 6.40 and a beta of 1.62. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75. Customers Bancorp has a twelve month low of $31.16 and a twelve month high of $68.49. The company’s 50-day simple moving average is $52.48 and its 200 day simple moving average is $49.96.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results 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. The firm had revenue of $198.69 million for the quarter, compared to analyst estimates of $184.40 million. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 EPS.

Insider Activity

In related news, CEO Samvir S. Sidhu acquired 2,500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average price of $45.53 per share, with a total value of $113,825.00. Following the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at $6,579,267.12. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 6.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CUBI. Ridgewood Investments LLC acquired a new position in shares of Customers Bancorp during the second quarter valued at $48,000. Innealta Capital LLC bought a new stake in Customers Bancorp during the 2nd quarter worth about $74,000. Ashton Thomas Private Wealth LLC acquired a new position in Customers Bancorp during the 2nd quarter valued at about $151,000. Aigen Investment Management LP bought a new position in shares of Customers Bancorp in the 4th quarter valued at about $209,000. Finally, Capstone Investment Advisors LLC bought a new stake in shares of Customers Bancorp during the first quarter worth approximately $220,000. 89.29% of the stock is currently owned by institutional investors.

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.