Zacks: Analysts Expect Customers Bancorp Inc (NYSE:CUBI) Will Post Earnings of $0.73 Per Share

Wall Street analysts expect Customers Bancorp Inc (NYSE:CUBI) to post earnings of $0.73 per share for the current quarter, Zacks reports. Two analysts have made estimates for Customers Bancorp’s earnings. Customers Bancorp reported earnings of $0.62 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 17.7%. The firm is expected to report its next earnings results on Thursday, October 24th.

On average, analysts expect that Customers Bancorp will report full year earnings of $1.95 per share for the current financial year. For the next fiscal year, analysts forecast that the business will post earnings of $2.90 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Customers Bancorp.

Customers Bancorp (NYSE:CUBI) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. The business had revenue of $64.68 million during the quarter, compared to analyst estimates of $64.51 million. Customers Bancorp had a net margin of 10.13% and a return on equity of 9.54%. The company’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.73 earnings per share.

Several research firms have recently commented on CUBI. Sandler O’Neill lowered shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. B. Riley set a $30.00 price target on shares of Customers Bancorp and gave the stock a “buy” rating in a research report on Tuesday, May 14th. TheStreet lowered shares of Customers Bancorp from a “b-” rating to a “c+” rating in a research report on Thursday, May 23rd. Maxim Group restated a “buy” rating and set a $38.00 price target on shares of Customers Bancorp in a research report on Wednesday, July 10th. Finally, Zacks Investment Research upgraded shares of Customers Bancorp from a “hold” rating to a “strong-buy” rating and set a $22.00 price target for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $27.95.

Shares of Customers Bancorp stock traded down $0.64 during trading on Friday, hitting $18.38. 7,693 shares of the stock were exchanged, compared to its average volume of 142,039. The stock’s fifty day moving average is $19.77 and its 200 day moving average is $20.34. The stock has a market cap of $588.97 million, a PE ratio of 7.56, a P/E/G ratio of 0.88 and a beta of 1.01. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.12 and a current ratio of 1.12. Customers Bancorp has a 12 month low of $16.72 and a 12 month high of $25.68.

In related news, insider James T. Collins sold 5,500 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $20.61, for a total value of $113,355.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.54% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. United Services Automobile Association boosted its position in Customers Bancorp by 4.4% during the second quarter. United Services Automobile Association now owns 111,965 shares of the bank’s stock worth $2,351,000 after purchasing an additional 4,700 shares during the period. Nuveen Asset Management LLC bought a new stake in Customers Bancorp during the second quarter worth approximately $14,422,000. UBS Asset Management Americas Inc. boosted its position in Customers Bancorp by 71.7% during the second quarter. UBS Asset Management Americas Inc. now owns 24,946 shares of the bank’s stock worth $524,000 after purchasing an additional 10,419 shares during the period. Point72 Hong Kong Ltd bought a new stake in Customers Bancorp during the second quarter worth approximately $26,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Customers Bancorp during the second quarter worth approximately $269,000. 80.73% of the stock is owned by institutional investors and hedge funds.

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.

Read More: Bear Market – How and Why They Occur

Get a free copy of the Zacks research report on Customers Bancorp (CUBI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Customers Bancorp (NYSE:CUBI)

Receive News & Ratings for Customers Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Customers Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.