Customers Bancorp (NYSE:CUBI) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Customers Bancorp (NYSE:CUBI) released its earnings results on Thursday. The bank reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.06, Briefing.com reports. The company had revenue of $198.69 million during the quarter, compared to analyst estimates of $184.40 million. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.42%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.65 EPS.

Customers Bancorp Stock Up 4.4 %

Shares of CUBI opened at $66.85 on Monday. The company has a market cap of $2.11 billion, a PE ratio of 9.34 and a beta of 1.65. The business has a fifty day moving average of $49.68 and a 200 day moving average of $50.65. Customers Bancorp has a 52-week low of $31.16 and a 52-week high of $68.49. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.89.

Analyst Ratings Changes

A number of brokerages have issued reports on CUBI. Hovde Group cut their price objective on shares of Customers Bancorp from $66.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, May 2nd. Wedbush increased their price objective on shares of Customers Bancorp from $56.00 to $79.00 and gave the company an “outperform” rating in a report on Friday. Finally, Jefferies Financial Group cut their price objective on shares of Customers Bancorp from $59.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.88.

Customers Bancorp Company Profile

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.