DA Davidson Comments on Customers Bancorp, Inc.’s Q3 2024 Earnings (NYSE:CUBI)

Customers Bancorp, Inc. (NYSE:CUBI) – Stock analysts at DA Davidson lowered their Q3 2024 earnings per share (EPS) estimates for shares of Customers Bancorp in a research note issued to investors on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the bank will earn $1.46 per share for the quarter, down from their prior estimate of $1.54. DA Davidson currently has a “Buy” rating and a $79.00 target price on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.34 per share. DA Davidson also issued estimates for Customers Bancorp’s FY2024 earnings at $6.14 EPS and FY2025 earnings at $7.24 EPS.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.06. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The company had revenue of $198.69 million during the quarter, compared to analysts’ expectations of $184.40 million. During the same period last year, the firm earned $1.65 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis.

CUBI has been the subject of several other reports. Hovde Group cut Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target for the company. in a report on Friday, August 9th. Jefferies Financial Group reduced their price target on Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. B. Riley raised their price target on Customers Bancorp from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reduced their price target on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, Raymond James reduced their price target on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Customers Bancorp Stock Up 0.6 %

Customers Bancorp stock opened at $45.33 on Friday. Customers Bancorp has a twelve month low of $31.16 and a twelve month high of $68.49. The stock has a 50 day moving average of $50.06 and a two-hundred day moving average of $49.66. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 6.29 and a beta of 1.62.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds have recently made changes to their positions in the business. Hood River Capital Management LLC boosted its holdings in Customers Bancorp by 94.3% in the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock valued at $26,344,000 after acquiring an additional 266,462 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Customers Bancorp by 252.1% during the second quarter. Assenagon Asset Management S.A. now owns 253,954 shares of the bank’s stock worth $12,185,000 after purchasing an additional 181,819 shares in the last quarter. Peregrine Capital Management LLC acquired a new position in shares of Customers Bancorp during the second quarter worth about $7,690,000. Vanguard Group Inc. lifted its stake in shares of Customers Bancorp by 5.4% during the first quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after purchasing an additional 111,654 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Customers Bancorp by 14.6% during the second quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock worth $32,954,000 after purchasing an additional 87,557 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Samvir S. Sidhu purchased 2,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $45.53 per share, with a total value of $113,825.00. Following the completion of the transaction, the chief executive officer now owns 144,504 shares of the company’s stock, valued at approximately $6,579,267.12. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.92% of the stock is currently owned by company insiders.

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.