Customers Bancorp (NYSE:CUBI) Announces Earnings Results, Beats Expectations By $0.15 EPS

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

Customers Bancorp Stock Up 0.2 %

Shares of Customers Bancorp stock opened at $50.22 on Friday. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 8.15 and a beta of 1.68. The stock’s 50-day moving average is $51.36 and its 200 day moving average is $50.94. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92. Customers Bancorp has a one year low of $42.31 and a one year high of $68.49.

Insider Transactions at Customers Bancorp

In related news, insider Glenn Hedde sold 5,002 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total value of $268,507.36. Following the completion of the sale, the insider now directly owns 66,256 shares of the company’s stock, valued at approximately $3,556,622.08. This represents a 7.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jay S. Sidhu sold 860 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $54.73, for a total transaction of $47,067.80. Following the completion of the sale, the chief executive officer now owns 1,189,738 shares of the company’s stock, valued at approximately $65,114,360.74. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,440 shares of company stock valued at $5,425,815 in the last quarter. 6.92% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CUBI shares. Stephens raised their price target on Customers Bancorp from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Raymond James decreased their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 2nd. Piper Sandler lowered their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. StockNews.com upgraded shares of Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, December 1st. Finally, B. Riley boosted their price objective on shares of Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.22.

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.