Brokerages expect that Customers Bancorp Inc (NYSE:CUBI) will announce $93.76 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Customers Bancorp’s earnings. The highest sales estimate is $94.52 million and the lowest is $93.00 million. Customers Bancorp posted sales of $81.40 million in the same quarter last year, which would indicate a positive year over year growth rate of 15.2%. The firm is scheduled to report its next earnings report on Thursday, January 23rd.
According to Zacks, analysts expect that Customers Bancorp will report full year sales of $345.98 million for the current financial year, with estimates ranging from $342.59 million to $349.36 million. For the next fiscal year, analysts anticipate that the firm will post sales of $384.85 million, with estimates ranging from $374.90 million to $394.79 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Customers Bancorp.
Customers Bancorp (NYSE:CUBI) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Customers Bancorp had a net margin of 13.45% and a return on equity of 9.72%. The company had revenue of $99.10 million for the quarter, compared to analysts’ expectations of $93.36 million. During the same quarter in the prior year, the company posted $0.62 earnings per share.
A number of research firms have commented on CUBI. Sandler O’Neill cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Zacks Investment Research raised shares of Customers Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Thursday, October 31st. ValuEngine cut shares of Customers Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday. TheStreet raised shares of Customers Bancorp from a “c” rating to a “b-” rating in a research report on Friday, November 1st. Finally, Maxim Group reissued a “buy” rating and set a $38.00 price target on shares of Customers Bancorp in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $29.69.
NYSE CUBI opened at $24.21 on Friday. The firm’s 50-day moving average is $22.10 and its two-hundred day moving average is $20.70. Customers Bancorp has a 12 month low of $16.72 and a 12 month high of $25.72. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.09 and a quick ratio of 1.04. The stock has a market capitalization of $757.95 million, a P/E ratio of 9.96 and a beta of 1.07.
In other news, insider James T. Collins sold 1,519 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $21.17, for a total transaction of $32,157.23. The sale was disclosed in a legal filing with the SEC, which is available at this link. 9.54% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Customers Bancorp by 0.7% during the second quarter. BlackRock Inc. now owns 4,348,588 shares of the bank’s stock worth $91,320,000 after purchasing an additional 28,107 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in Customers Bancorp in the second quarter valued at approximately $14,422,000. Invesco Ltd. raised its holdings in Customers Bancorp by 338.7% in the second quarter. Invesco Ltd. now owns 640,090 shares of the bank’s stock valued at $13,442,000 after acquiring an additional 494,195 shares in the last quarter. Matthew 25 Management Corp raised its holdings in Customers Bancorp by 25.6% in the second quarter. Matthew 25 Management Corp now owns 507,500 shares of the bank’s stock valued at $10,658,000 after acquiring an additional 103,500 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Customers Bancorp by 88.0% in the second quarter. Wells Fargo & Company MN now owns 426,630 shares of the bank’s stock valued at $8,959,000 after acquiring an additional 199,732 shares in the last quarter. 79.96% of the stock is currently 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.
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