DA Davidson Lowers Earnings Estimates for Customers Bancorp

Customers Bancorp, Inc. (NYSE:CUBI) – Equities research analysts at DA Davidson lowered their FY2024 earnings estimates for Customers Bancorp in a report released on Monday, November 4th. DA Davidson analyst P. Winter now expects that the bank will post earnings per share of $5.72 for the year, down from their previous estimate of $6.14. DA Davidson has a “Buy” rating and a $79.00 price target on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.11 per share. DA Davidson also issued estimates for Customers Bancorp’s Q4 2024 earnings at $1.21 EPS.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.09). The business had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.79%. The company’s quarterly revenue was down 23.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.59 EPS.

A number of other analysts have also issued reports on CUBI. B. Riley lifted their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research note on Monday. Piper Sandler dropped their price objective 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. Raymond James decreased their price target on shares of 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 downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $57.00 to $52.00 in a research report on Monday. Finally, Wedbush downgraded shares of Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $79.00 to $53.00 in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $61.88.

Customers Bancorp Trading Down 0.0 %

CUBI opened at $45.66 on Tuesday. The firm has a market capitalization of $1.45 billion, a P/E ratio of 7.41 and a beta of 1.61. The firm’s 50 day moving average is $47.26 and its 200-day moving average is $48.94. Customers Bancorp has a 52-week low of $40.61 and a 52-week high of $68.49. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75.

Hedge Funds Weigh In On Customers Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Customers Bancorp by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,242,121 shares of the bank’s stock valued at $107,575,000 after acquiring an additional 21,302 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Customers Bancorp by 5.4% during the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock valued at $116,038,000 after acquiring an additional 111,654 shares during the period. American Century Companies Inc. boosted its holdings in shares of Customers Bancorp by 14.6% during the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after acquiring an additional 87,557 shares during the period. Hood River Capital Management LLC boosted its holdings in shares of Customers Bancorp by 94.3% during the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after acquiring an additional 266,462 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Customers Bancorp by 88.9% during the third quarter. Assenagon Asset Management S.A. now owns 479,739 shares of the bank’s stock valued at $22,284,000 after acquiring an additional 225,785 shares during the period. Institutional investors and hedge funds own 89.29% of the company’s stock.

Insiders Place Their Bets

In other Customers Bancorp news, CEO Samvir S. Sidhu acquired 2,500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was purchased at an average price 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 $6,579,267.12. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 6.92% of the stock is currently owned by corporate 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.