Customers Bancorp (NYSE:CUBI) Announces Earnings Results

Customers Bancorp (NYSE:CUBI) posted its earnings results on Thursday. The bank reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.15, Zacks reports. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%.

Customers Bancorp Stock Performance

CUBI traded up $0.09 on Thursday, reaching $50.22. The company had a trading volume of 659,425 shares, compared to its average volume of 341,230. The stock has a 50-day moving average price of $51.46 and a 200-day moving average price of $50.95. The stock has a market capitalization of $1.57 billion, a PE ratio of 8.15 and a beta of 1.68. Customers Bancorp has a 1 year low of $42.31 and a 1 year high of $68.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78.

Insider Transactions at Customers Bancorp

In related news, CEO Jay S. Sidhu sold 86,578 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $56.54, for a total transaction of $4,895,120.12. Following the transaction, the chief executive officer now owns 1,090,598 shares in the company, valued at $61,662,410.92. This trade represents a 7.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert Neil Mackay sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $53.78, for a total value of $215,120.00. Following the transaction, the director now owns 4,567 shares in the company, valued at $245,613.26. This represents a 46.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,440 shares of company stock worth $5,425,815. Corporate insiders own 6.92% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. B. Riley upped their target price on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Raymond James decreased their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. StockNews.com raised shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, December 1st. Piper Sandler reduced their price target on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Customers Bancorp from $52.00 to $62.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.22.

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.