Brokerages Expect Customers Bancorp, Inc (CUBI) Will Announce Quarterly Sales of $80.22 Million

Wall Street brokerages expect Customers Bancorp, Inc (NYSE:CUBI) to post sales of $80.22 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Customers Bancorp’s earnings. The lowest sales estimate is $72.94 million and the highest is $87.50 million. Customers Bancorp reported sales of $65.06 million during the same quarter last year, which indicates a positive year-over-year growth rate of 23.3%. The firm is expected to report its next quarterly earnings results on Thursday, January 25th.

According to Zacks, analysts expect that Customers Bancorp will report full-year sales of $80.22 million for the current year, with estimates ranging from $288.59 million to $317.38 million. For the next year, analysts anticipate that the company will post sales of $327.04 million per share, with estimates ranging from $318.34 million to $335.74 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Customers Bancorp.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.09). Customers Bancorp had a return on equity of 15.38% and a net margin of 19.75%. The firm had revenue of $86.05 million for the quarter, compared to analysts’ expectations of $80.32 million. During the same quarter in the prior year, the business posted $0.64 earnings per share.

CUBI has been the topic of several recent research reports. ValuEngine upgraded Customers Bancorp from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Maxim Group reiterated a “buy” rating and issued a $50.00 price objective on shares of Customers Bancorp in a research note on Wednesday, November 22nd. B. Riley assumed coverage on Customers Bancorp in a research note on Friday, December 8th. They issued a “buy” rating and a $35.00 price objective on the stock. TheStreet lowered Customers Bancorp from a “b” rating to a “c+” rating in a research note on Wednesday, November 8th. Finally, Zacks Investment Research upgraded Customers Bancorp from a “hold” rating to a “strong-buy” rating and set a $36.00 price objective on the stock in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $40.75.

In related news, Director Rick Burkey sold 1,129 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $26.74, for a total value of $30,189.46. Following the completion of the transaction, the director now owns 40,919 shares in the company, valued at approximately $1,094,174.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert E. Wahlman sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $26.66, for a total transaction of $1,333,000.00. The disclosure for this sale can be found here. Insiders have sold 60,129 shares of company stock worth $1,603,489 over the last ninety days. Company insiders own 8.67% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System raised its position in Customers Bancorp by 1.4% in the 2nd quarter. Arizona State Retirement System now owns 15,000 shares of the bank’s stock worth $424,000 after purchasing an additional 200 shares during the last quarter. Bard Associates Inc. raised its position in shares of Customers Bancorp by 0.9% during the 2nd quarter. Bard Associates Inc. now owns 79,720 shares of the bank’s stock valued at $2,254,000 after acquiring an additional 685 shares during the last quarter. Delphi Management Inc. MA raised its position in shares of Customers Bancorp by 2.1% during the 2nd quarter. Delphi Management Inc. MA now owns 52,833 shares of the bank’s stock valued at $1,494,000 after acquiring an additional 1,091 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Customers Bancorp by 8.8% in the 2nd quarter. Voya Investment Management LLC now owns 15,881 shares of the bank’s stock valued at $449,000 after buying an additional 1,290 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its position in shares of Customers Bancorp by 0.8% in the 2nd quarter. Mutual of America Capital Management LLC now owns 188,559 shares of the bank’s stock valued at $5,332,000 after buying an additional 1,578 shares in the last quarter. Hedge funds and other institutional investors own 87.79% of the company’s stock.

Shares of Customers Bancorp (NYSE CUBI) traded up $1.30 during trading hours on Thursday, hitting $27.95. The company had a trading volume of 391,400 shares, compared to its average volume of 316,950. The company has a current ratio of 1.17, a quick ratio of 0.91 and a debt-to-equity ratio of 2.27. Customers Bancorp has a twelve month low of $24.75 and a twelve month high of $36.62. The stock has a market capitalization of $820.98, a price-to-earnings ratio of 14.48 and a beta of 0.61.

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Customers Bancorp Company Profile

Customers Bancorp, Inc (Customers Bancorp) is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches and offices in Southeastern Pennsylvania (Bucks, Berks, Chester, Delaware and Philadelphia Counties), Rye Brook, Melville and New York, New York (Westchester, Suffolk and New York Counties), Hamilton, New Jersey (Mercer County), Providence, Rhode Island (Providence County), Portsmouth, New Hampshire (Rockingham County) and Boston, Massachusetts (Suffolk County).

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

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