Customers Bancorp Inc (NYSE:CUBI) – Analysts at Piper Sandler reduced their Q2 2020 earnings estimates for Customers Bancorp in a research note issued to investors on Monday, June 29th. Piper Sandler analyst F. Schiraldi now forecasts that the bank will post earnings of $0.51 per share for the quarter, down from their previous estimate of $0.61.
Other analysts have also issued reports about the stock. Zacks Investment Research raised shares of Customers Bancorp from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, June 2nd. ValuEngine lowered shares of Customers Bancorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. TheStreet lowered shares of Customers Bancorp from a “b-” rating to a “c” rating in a research note on Monday, March 9th. Finally, B. Riley lowered shares of Customers Bancorp from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $30.00 to $14.00 in a research note on Wednesday, March 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $21.33.
Customers Bancorp (NYSE:CUBI) last announced its earnings results on Monday, May 4th. The bank reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.17). Customers Bancorp had a net margin of 13.05% and a return on equity of 10.38%. The company had revenue of $103.25 million during the quarter, compared to the consensus estimate of $102.98 million.
A number of hedge funds have recently made changes to their positions in CUBI. Sowell Financial Services LLC acquired a new position in Customers Bancorp during the first quarter valued at approximately $52,000. Meeder Asset Management Inc. acquired a new position in Customers Bancorp during the fourth quarter valued at approximately $65,000. C M Bidwell & Associates Ltd. acquired a new position in Customers Bancorp during the fourth quarter valued at approximately $68,000. Royal Bank of Canada grew its holdings in Customers Bancorp by 469.8% during the first quarter. Royal Bank of Canada now owns 11,072 shares of the bank’s stock valued at $121,000 after purchasing an additional 9,129 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in Customers Bancorp by 78.8% during the first quarter. BNP Paribas Arbitrage SA now owns 11,420 shares of the bank’s stock valued at $125,000 after purchasing an additional 5,033 shares during the last quarter. Institutional investors own 80.42% 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 small and middle market businesses, not-for-profits, and consumers. The company operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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