Customers Bancorp (NYSE:CUBI) Announces Earnings Results

Customers Bancorp (NYSE:CUBI) released its quarterly earnings data on Thursday. The bank reported $1.36 earnings per share (EPS) for the quarter, topping 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 Performance

Shares of NYSE CUBI traded up $0.09 during midday trading on Thursday, reaching $50.22. 659,737 shares of the company were exchanged, compared to its average volume of 341,230. The stock has a market cap of $1.57 billion, a P/E 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 stock has a fifty day simple moving average of $51.46 and a 200 day simple moving average of $50.95. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Customers Bancorp

In other news, CEO Jay S. Sidhu sold 86,578 shares of Customers Bancorp stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $56.54, for a total value of $4,895,120.12. Following the sale, the chief executive officer now owns 1,090,598 shares of the company’s stock, valued at $61,662,410.92. The trade was a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Glenn Hedde sold 5,002 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the transaction, the insider now owns 66,256 shares in the company, valued at approximately $3,556,622.08. This trade represents a 7.02 % decrease in their ownership of the stock. 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 ninety days. Insiders own 6.92% of the company’s stock.

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.