Customers Bancorp (NYSE:CUBI) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Customers Bancorp (NYSE:CUBI) released its quarterly earnings results on Thursday. The bank reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.08, FiscalAI reports. The business had revenue of $225.40 million during the quarter, compared to analyst estimates of $223.51 million. Customers Bancorp had a return on equity of 14.05% and a net margin of 15.15%.

Customers Bancorp Stock Up 1.3%

Shares of Customers Bancorp stock traded up $0.97 during midday trading on Thursday, reaching $77.58. 263,649 shares of the company’s stock traded hands, compared to its average volume of 389,901. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.00 and a current ratio of 1.00. Customers Bancorp has a 52 week low of $47.97 and a 52 week high of $82.56. The company’s 50 day simple moving average is $70.69 and its 200 day simple moving average is $71.26. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 12.51 and a beta of 1.57.

Hedge Funds Weigh In On Customers Bancorp

Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of Customers Bancorp by 1.8% during the 4th quarter. State Street Corp now owns 1,832,570 shares of the bank’s stock worth $133,998,000 after acquiring an additional 32,449 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank’s stock worth $63,732,000 after purchasing an additional 844,141 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Customers Bancorp by 9.2% in the 4th quarter. Geode Capital Management LLC now owns 757,845 shares of the bank’s stock worth $55,423,000 after purchasing an additional 63,984 shares during the last quarter. Nuveen LLC boosted its position in Customers Bancorp by 6.2% during the fourth quarter. Nuveen LLC now owns 563,757 shares of the bank’s stock worth $41,222,000 after purchasing an additional 32,726 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Customers Bancorp by 8.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 524,745 shares of the bank’s stock valued at $38,369,000 after purchasing an additional 38,865 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on CUBI shares. Stephens raised shares of Customers Bancorp from an “underweight” rating to an “equal weight” rating and set a $71.00 price objective for the company in a research note on Monday, March 16th. Maxim Group set a $100.00 price target on shares of Customers Bancorp in a report on Monday, January 26th. JPMorgan Chase & Co. reduced their price target on shares of Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Wall Street Zen lowered shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, January 25th. Finally, Piper Sandler initiated coverage on shares of Customers Bancorp in a research note on Thursday, March 12th. They set an “overweight” rating and a $82.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.42.

Customers Bancorp declared that its board has approved a share repurchase program on Wednesday, February 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Customers Bancorp Company Profile

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid‐market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset‐based lending and treasury management services.