According to Zacks, “Customers Bancorp is a bank holding company of Customers Bank, a state-chartered bank in Pennsylvania. It provides banking services to small and medium-sized businesses, professionals, individuals and families. The company offers depository products, commercial lending products, specialty lending products and consumer lending. In addition, the company offers other financial services, including Internet banking, wire transfers, electronic bill payment, lock box, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, and positive pay services, as well as cash management services comprising account reconciliation, collections, and sweep accounts. The bank has its branches in Pennsylvania, New York and New Jersey. Customers Bancorp is headquartered in Wyomissing, Pennsylvania. “
Other equities analysts have also issued reports about the company. Sandler O’Neill lowered Customers Bancorp from a buy rating to a hold rating in a report on Thursday, July 25th. B. Riley set a $30.00 target price on Customers Bancorp and gave the company a buy rating in a report on Tuesday, May 14th. TheStreet lowered Customers Bancorp from a b- rating to a c+ rating in a report on Thursday, May 23rd. ValuEngine upgraded Customers Bancorp from a strong sell rating to a sell rating in a report on Tuesday, April 16th. Finally, Maxim Group restated a buy rating and set a $38.00 target price on shares of Customers Bancorp in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Customers Bancorp has a consensus rating of Hold and a consensus target price of $28.15.
Customers Bancorp (NYSE:CUBI) last posted its earnings results on Wednesday, July 24th. The bank reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.04. Customers Bancorp had a return on equity of 9.54% and a net margin of 10.13%. The company had revenue of $64.68 million for the quarter, compared to analyst estimates of $64.51 million. During the same period last year, the company earned $0.73 earnings per share. The business’s revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts predict that Customers Bancorp will post 1.95 EPS for the current fiscal year.
In other news, insider James T. Collins sold 5,500 shares of Customers Bancorp stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $20.61, for a total value of $113,355.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 9.54% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Bank of Montreal Can increased its stake in shares of Customers Bancorp by 136.7% in the second quarter. Bank of Montreal Can now owns 4,059 shares of the bank’s stock worth $85,000 after purchasing an additional 2,344 shares during the period. BNP Paribas Arbitrage SA grew its position in Customers Bancorp by 75,462.5% during the first quarter. BNP Paribas Arbitrage SA now owns 6,045 shares of the bank’s stock worth $111,000 after buying an additional 6,037 shares in the last quarter. Financial Gravity Wealth Inc. acquired a new stake in Customers Bancorp during the first quarter worth about $125,000. Municipal Employees Retirement System of Michigan acquired a new stake in Customers Bancorp during the fourth quarter worth about $152,000. Finally, Metropolitan Life Insurance Co. NY grew its position in Customers Bancorp by 303.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 9,793 shares of the bank’s stock worth $178,000 after buying an additional 7,365 shares in the last quarter. Institutional investors and hedge funds own 81.04% of the company’s stock.
Customers Bancorp Company Profile
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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