Customers Bancorp (NYSE:CUBI) Releases Fiscal 2023 Earnings Forecast
Bancorp Customers (NYSE: CUBI – Get a rating) released an update to its fiscal 2023 earnings guidance Thursday morning. The company provided earnings per share (EPS) guidance of $6.00 for the period, compared to the consensus estimate of $5.90. The company released a revenue forecast of -.
Bancorp Stock Performance Clients
CUBI traded down $0.39 in Thursday’s midday session, hitting $31.10. 4,571 shares of the company were traded, against an average volume of 272,994. The company’s 50-day simple moving average is $32.53 and its 200-day simple moving average is $36.37. The company has a market capitalization of $1.01 billion, a price-earnings ratio of 3.67 and a beta of 1.62. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt ratio of 0.55. Bancorp Customers has a 1-year minimum of $29.21 and a 1-year maximum of $76.13.
Bancorp Customers (NYSE: CUBI – Get a rating) last announced its quarterly results on Wednesday, October 26. The bank reported earnings per share of $2.48 for the quarter, beating the consensus estimate of $2.23 by $0.25. The company posted revenue of $150.02 million for the quarter, versus a consensus estimate of $176.53 million. Clients Bancorp had a return on equity of 26.39% and a net margin of 34.42%. As a group, sell-side analysts expect Customers Bancorp to post earnings per share of 7.84 for the current year.
Changes to analyst ratings
Several equity research analysts have weighed in on CUBI shares. DA Davidson upgraded Customers Bancorp from Neutral to Buy and raised its price target for the stock from $42.00 to $44.00 in a Friday, October 28 research report. Wedbush restated an outperformance rating and set a target price of $45.00 on Customers Bancorp stock in a Wednesday, September 28 research report. Jefferies Financial Group lowered its price target on Customers Bancorp from $63.00 to $48.00 in a Monday, July 11 research report. Hovde Group lowered its target price on Customers Bancorp to $44.00 in a research report on Tuesday. To finish, StockNews.com supposed coverage of Customers Bancorp in a Wednesday, October 12 research report. They have set a holding rating on the stock. Two analysts rated the stock with a hold rating and five gave the company’s stock a buy rating. According to data from MarketBeat.com, the stock currently has a Moderate Buy consensus rating and an average target price of $60.38.
Institutional entries and exits
A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Customers Bancorp by 4.6% in the 1st quarter. BlackRock Inc. now owns 4,837,269 shares of the bank worth $252,216,000 after buying an additional 214,065 shares last quarter. State Street Corp increased its position in Customers Bancorp shares by 56.3% during the first quarter. State Street Corp now owns 2,282,972 shares of the bank valued at $119,034,000 after purchasing an additional 822,072 shares during the period. Vanguard Group Inc. increased its position in Customers Bancorp shares by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,948,419 shares of the bank valued at $101,591,000 after purchasing an additional 37,717 shares during the period. Charles Schwab Investment Management Inc. increased its position in Customers Bancorp shares by 9.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 230,710 shares of the bank valued at $12,030,000 after purchasing an additional 20,300 shares during the period. Finally, Sei Investments Co. increased its position in Customers Bancorp shares by 1.4% during the second quarter. Sei Investments Co. now owns 211,221 shares of the bank valued at $7,121,000 after purchasing an additional 2,947 shares during the period. 86.12% of the shares are held by hedge funds and other institutional investors.
About Bancorp Customers
Customers Bancorp, Inc operates as a banking holding company for Customers Bank which provides financial products and services to individuals and small and medium businesses. The Company offers deposit products, including checking, savings, MMDA and other deposit accounts. It offers lending products, including commercial warehouse mortgages, multifamily and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgages and installment loans.
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