DA Davidson Reduces Earnings Estimates for Customers Bancorp

Customers Bancorp, Inc. (NYSE:CUBI) – Equities research analysts at DA Davidson reduced their FY2024 earnings per share estimates for shares of Customers Bancorp in a report issued on Monday, November 4th. DA Davidson analyst P. Winter now forecasts that the bank will post earnings of $5.72 per share for the year, down from their previous estimate of $6.14. DA Davidson currently has a “Buy” rating and a $79.00 price target on the stock. The consensus estimate for Customers Bancorp’s current full-year earnings is $6.11 per share. DA Davidson also issued estimates for Customers Bancorp’s Q4 2024 earnings at $1.21 EPS.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings data on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.09). The business had revenue of $167.10 million for the quarter, compared to analyst estimates of $191.61 million. Customers Bancorp had a return on equity of 13.55% and a net margin of 15.22%. The company’s quarterly revenue was down 23.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.59 earnings per share.

Several other research analysts have also recently weighed in on the company. Piper Sandler lowered their price objective on Customers Bancorp from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday. Keefe, Bruyette & Woods lowered shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $57.00 to $52.00 in a research report on Monday. Hovde Group downgraded shares of Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price objective for the company. in a report on Friday, August 9th. B. Riley raised their price objective on Customers Bancorp from $78.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday. Finally, StockNews.com downgraded shares of Customers Bancorp from a “hold” rating to a “sell” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $61.88.

Customers Bancorp Price Performance

Shares of CUBI opened at $55.50 on Tuesday. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 9.01 and a beta of 1.61. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The company’s fifty day simple moving average is $47.19 and its 200 day simple moving average is $48.97. Customers Bancorp has a 1-year low of $40.61 and a 1-year high of $68.49.

Institutional Investors Weigh In On Customers Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its stake in Customers Bancorp by 2.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 261,847 shares of the bank’s stock worth $13,894,000 after acquiring an additional 7,047 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in Customers Bancorp in the first quarter valued at approximately $220,000. Texas Permanent School Fund Corp increased its holdings in shares of Customers Bancorp by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 24,765 shares of the bank’s stock valued at $1,314,000 after acquiring an additional 353 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of Customers Bancorp by 7.5% in the 1st quarter. Quantbot Technologies LP now owns 17,401 shares of the bank’s stock worth $923,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Empowered Funds LLC grew its position in Customers Bancorp by 7.9% in the 1st quarter. Empowered Funds LLC now owns 19,128 shares of the bank’s stock valued at $1,015,000 after purchasing an additional 1,400 shares during the period. Institutional investors own 89.29% of the company’s stock.

Insider Transactions at Customers Bancorp

In related news, CEO Samvir S. Sidhu purchased 2,500 shares of the firm’s stock in a transaction dated 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 purchase, the chief executive officer now owns 144,504 shares in the company, valued at approximately $6,579,267.12. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 6.92% of the stock is owned by company insiders.

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.