Q2 2024 Earnings Estimate for Customers Bancorp, Inc. Issued By DA Davidson (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Equities researchers at DA Davidson cut their Q2 2024 earnings estimates for shares of Customers Bancorp in a research note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now anticipates that the bank will post earnings of $1.42 per share for the quarter, down from their previous estimate of $1.43. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.35 per share. DA Davidson also issued estimates for Customers Bancorp’s FY2024 earnings at $6.32 EPS.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Friday, April 26th. The bank reported $1.68 EPS for the quarter, topping the consensus estimate of $1.63 by $0.05. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The business had revenue of $181.62 million for the quarter, compared to analyst estimates of $183.48 million. During the same quarter in the previous year, the company earned $1.58 EPS. The company’s quarterly revenue was up 8.1% on a year-over-year basis.

A number of other equities research analysts have also recently commented on CUBI. Hovde Group lowered their price objective on shares of Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, May 2nd. Jefferies Financial Group raised their price objective on shares of Customers Bancorp from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, Wedbush reduced their target price on Customers Bancorp from $63.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Customers Bancorp presently has an average rating of “Moderate Buy” and an average target price of $61.50.

Customers Bancorp Stock Up 0.5 %

Customers Bancorp stock opened at $48.22 on Monday. Customers Bancorp has a fifty-two week low of $29.99 and a fifty-two week high of $60.09. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 6.73 and a beta of 1.63. The stock’s fifty day moving average is $46.42 and its two-hundred day moving average is $50.45. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.93.

Hedge Funds Weigh In On Customers Bancorp

Institutional investors have recently added to or reduced their stakes in the business. SummerHaven Investment Management LLC grew its holdings in Customers Bancorp by 1.0% in the 4th quarter. SummerHaven Investment Management LLC now owns 20,202 shares of the bank’s stock valued at $1,164,000 after buying an additional 205 shares during the period. Texas Permanent School Fund Corp grew its holdings in Customers Bancorp by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 24,765 shares of the bank’s stock valued at $1,314,000 after purchasing an additional 353 shares during the period. ProShare Advisors LLC raised its stake in Customers Bancorp by 7.4% during the first quarter. ProShare Advisors LLC now owns 5,763 shares of the bank’s stock worth $306,000 after purchasing an additional 398 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Customers Bancorp by 4.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 16,066 shares of the bank’s stock valued at $852,000 after purchasing an additional 738 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Customers Bancorp by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,576 shares of the bank’s stock valued at $721,000 after buying an additional 1,030 shares during the period. 89.29% of the stock is currently owned by institutional investors and hedge funds.

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.