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

Customers Bancorp (NYSE:CUBI) released its quarterly 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. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.79%. The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. During the same quarter in the prior year, the firm earned $2.59 EPS. The firm’s revenue was down 23.2% compared to the same quarter last year.

Customers Bancorp Stock Down 1.0 %

Shares of CUBI traded down $0.45 during midday trading on Friday, reaching $45.68. 887,899 shares of the stock were exchanged, compared to its average volume of 346,592. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 7.42 and a beta of 1.61. 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 12-month low of $40.46 and a 12-month high of $68.49. The firm has a 50 day simple moving average of $47.26 and a 200-day simple moving average of $48.92.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, CEO Samvir S. Sidhu acquired 2,500 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 144,504 shares in the company, valued at $6,579,267.12. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.92% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wedbush downgraded shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their target price for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. DA Davidson increased their price objective on Customers Bancorp from $71.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Raymond James decreased 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. Keefe, Bruyette & Woods dropped their target price on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Finally, Hovde Group cut shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target for the company. in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $64.14.

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.