DA Davidson Expects Weaker Earnings for Customers Bancorp

Customers Bancorp, Inc. (NYSE:CUBI) – Research analysts at DA Davidson cut their FY2024 earnings per share (EPS) estimates for shares of Customers Bancorp in a research report issued to clients and investors on Monday, November 4th. DA Davidson analyst P. Winter now anticipates that the bank will post earnings per share of $5.72 for the year, down from their prior estimate of $6.14. DA Davidson 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 announced 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 revenue was down 23.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.59 earnings per share.

Several other analysts also recently commented on CUBI. StockNews.com downgraded shares of Customers Bancorp from a “hold” rating to a “sell” rating in a research report on Monday. Raymond James lowered their target price on shares of Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, October 2nd. B. Riley raised their target price on Customers Bancorp from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday. Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target for the company. in a research note on Friday, August 9th. Finally, Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $79.00 to $53.00 in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $61.88.

Customers Bancorp Trading Up 19.5 %

Customers Bancorp stock opened at $55.50 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.78. Customers Bancorp has a 12 month low of $40.61 and a 12 month high of $68.49. The company’s fifty day simple moving average is $47.19 and its 200-day simple moving average is $48.97. The stock has a market cap of $1.76 billion, a P/E ratio of 9.01 and a beta of 1.61.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Empowered Funds LLC boosted its stake in Customers Bancorp by 5.2% in the third quarter. Empowered Funds LLC now owns 21,640 shares of the bank’s stock valued at $1,005,000 after acquiring an additional 1,072 shares during the last quarter. GSA Capital Partners LLP increased its holdings in Customers Bancorp by 10.5% in the third quarter. GSA Capital Partners LLP now owns 30,001 shares of the bank’s stock valued at $1,394,000 after purchasing an additional 2,857 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in Customers Bancorp in the third quarter valued at about $3,470,000. Los Angeles Capital Management LLC bought a new position in Customers Bancorp during the third quarter worth about $294,000. Finally, Olympiad Research LP acquired a new position in shares of Customers Bancorp during the 3rd quarter worth about $332,000. 89.29% of the stock is currently owned by institutional investors.

Insider Activity at Customers Bancorp

In other Customers Bancorp news, CEO Samvir S. Sidhu bought 2,500 shares of Customers Bancorp stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $45.53 per share, with a total value of $113,825.00. Following the acquisition, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at $6,579,267.12. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 6.92% of the stock is currently owned by 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.