Analyst-Boosted Third Quarter 2022 EPS Estimates for Bancorp, Inc. Clients (NYSE:CUBI)
Customers Bancorp, Inc. (NYSE: CUBI – Get a rating) – B. Riley analysts raised their third-quarter 2022 earnings estimates for Customers Bancorp stock in a research report delivered to clients and investors on Friday, June 17. B. Riley analyst S. Moss now expects the bank to post earnings of $2.16 per share for the quarter, up from its previous estimate of $2.01. The consensus estimate of Customers Bancorp’s current annual earnings is $7.82 per share. B. Riley also released estimates for Customers Bancorp Q4 2022 earnings at $2.24, FY2022 earnings at $8.25, Q1 2023 earnings at $2.11, Q2 2023 at $2.12 and Q3 2023 earnings at $2.13.
CUBI has been the subject of several other reports. Stephens began covering Customers Bancorp shares in a Monday, March 28 report. They issued an “equal weight” rating and $62.50 price target on the stock. StockNews.com supposed coverage of Customers Bancorp in a Thursday, March 31 research report. They issued a “hold” rating for the company. Maxim Group reaffirmed a “buy” rating and issued a price target of $85.00 on Customers Bancorp stock in a research report on Friday, April 29. Finally, Keefe, Bruyette & Woods upgraded Customers Bancorp from a “market performer” rating to an “outperformer” rating and raised its price target for the company from $72.00 to $80.00. in a Monday, March 28 research report. Four equity research analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat.com, Customers Bancorp currently has a consensus rating of “Buy” and an average price target of $72.36.
Shares of CUBI opened at $34.36 on Monday. The company has a market capitalization of $1.13 billion, a P/E ratio of 3.43 and a beta of 1.58. Bancorp Clients has a 12-month low of $32.19 and a 12-month high of $76.13. The company’s 50-day moving average price is $40.79 and its 200-day moving average price is $53.29. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt ratio of 0.15. Bancorp Customers (NYSE: CUBI – Get a rating) last released its quarterly earnings data on Wednesday, April 27. The bank reported earnings per share (EPS) of $2.19 for the quarter, beating the consensus estimate of $1.66 by $0.53. The company posted revenue of $185.90 million for the quarter, versus analyst estimates of $170.48 million. Clients Bancorp had a net margin of 40.14% and a return on equity of 30.79%.
Separately, CEO Samvir S. Sidhu acquired 2,965 shares in a transaction dated Friday, May 6. The shares were acquired at an average cost of $42.10 per share, with a total value of $124,826.50. Following completion of the transaction, the CEO now owns 80,637 shares of the company, valued at approximately $3,394,817.70. The purchase was disclosed in a document filed with the SEC, accessible via this link. Additionally, Chief Financial Officer Carla A. Leibold acquired 1,000 shares in a transaction dated Friday, May 6. The shares were purchased at an average cost of $42.10 per share, with a total value of $42,100.00. Following the completion of the transaction, the CFO now owns 68,348 shares of the company, valued at approximately $2,877,450.80. Disclosure of this purchase can be found here. In the past three months, insiders have purchased 4,465 shares of the company valued at $186,912. Company insiders own 10.23% of the company’s shares.
A number of institutional investors and hedge funds have recently changed their positions in the stock. Walleye Capital LLC acquired a new position in Customers Bancorp in the first quarter worth approximately $361,000. EJF Capital LLC increased its holdings in Customers Bancorp by 71.4% in the first quarter. EJF Capital LLC now owns 120,000 shares of the bank valued at $6,257,000 after buying an additional 50,000 shares last quarter. Toroso Investments LLC increased its holdings in Customers Bancorp by 7.0% in the first quarter. Toroso Investments LLC now owns 238,945 shares of the bank valued at $12,459,000 after buying an additional 15,560 shares last quarter. BNP Paribas Arbitrage SA increased its stake in Customers Bancorp by 39.8% in the first quarter. BNP Paribas Arbitrage SA now owns 28,306 shares in the bank valued at $1,476,000 after buying an additional 8,054 shares last quarter. Finally, Point72 Hong Kong Ltd increased its stake in Customers Bancorp by 1,062.7% in the first quarter. Point72 Hong Kong Ltd now owns 5,988 shares in the bank valued at $312,000 after buying an additional 5,473 shares last quarter. 83.48% of the shares are held by hedge funds and other institutional investors.
About Bancorp Customers (Get a rating)
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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