Customers Bancorp (NYSE:CUBI) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Customers Bancorp (NYSE:CUBI) issued its quarterly earnings data on Thursday. The bank reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.08, FiscalAI reports. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. The company had revenue of $225.40 million during the quarter, compared to the consensus estimate of $223.51 million.

Customers Bancorp Stock Performance

CUBI stock traded up $0.97 during trading hours on Thursday, reaching $77.58. The stock had a trading volume of 263,661 shares, compared to its average volume of 389,898. The stock has a market capitalization of $2.61 billion, a PE ratio of 12.51 and a beta of 1.57. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50-day simple moving average of $70.69 and a 200 day simple moving average of $71.26. Customers Bancorp has a fifty-two week low of $47.97 and a fifty-two week high of $82.56.

Customers Bancorp declared that its board has authorized a share repurchase plan on Wednesday, February 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Customers Bancorp

A number of large investors have recently added to or reduced their stakes in CUBI. Arax Advisory Partners lifted its stake in Customers Bancorp by 218.9% in the fourth quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock valued at $26,000 after acquiring an additional 243 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Customers Bancorp in the third quarter valued at $29,000. Jones Financial Companies Lllp acquired a new stake in Customers Bancorp in the first quarter valued at $37,000. Transamerica Financial Advisors LLC lifted its stake in Customers Bancorp by 216.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 591 shares of the bank’s stock valued at $43,000 after acquiring an additional 404 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new stake in Customers Bancorp in the fourth quarter valued at $105,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CUBI shares. Piper Sandler assumed coverage on shares of Customers Bancorp in a research report on Thursday, March 12th. They set an “overweight” rating and a $82.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on shares of Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. B. Riley Financial reaffirmed a “buy” rating on shares of Customers Bancorp in a research report on Monday, January 26th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $95.00 target price on shares of Customers Bancorp in a research report on Tuesday, January 6th. Finally, Zacks Research downgraded shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $86.42.

About Customers Bancorp

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.