B. Riley Weighs in on Customers Bancorp, Inc’s Q2 2018 Earnings (CUBI)
Customers Bancorp, Inc (NYSE:CUBI) – Research analysts at B. Riley boosted their Q2 2018 EPS estimates for Customers Bancorp in a report released on Wednesday. B. Riley analyst S. Moss now expects that the bank will earn $0.57 per share for the quarter, up from their prior forecast of $0.43. B. Riley has a “Buy” rating and a $41.00 price target on the stock. B. Riley also issued estimates for Customers Bancorp’s FY2018 earnings at $2.55 EPS and FY2019 earnings at $3.30 EPS.
Other research analysts have also recently issued reports about the stock. Maxim Group reiterated a “buy” rating and set a $50.00 target price on shares of Customers Bancorp in a report on Friday, October 20th. BidaskClub upgraded shares of Customers Bancorp from a “hold” rating to a “buy” rating in a report on Friday, September 29th. ValuEngine upgraded shares of Customers Bancorp from a “hold” rating to a “buy” rating in a report on Friday, December 1st. TheStreet cut shares of Customers Bancorp from a “b” rating to a “c+” rating in a report on Wednesday, November 8th. Finally, Zacks Investment Research cut shares of Customers Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $40.75.
Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.09). The company had revenue of $86.05 million during the quarter, compared to analysts’ expectations of $80.32 million. Customers Bancorp had a return on equity of 15.38% and a net margin of 19.75%. During the same period in the prior year, the business earned $0.64 EPS.
Hedge funds have recently added to or reduced their stakes in the stock. Kalos Management Inc. boosted its stake in Customers Bancorp by 23.7% in the 3rd quarter. Kalos Management Inc. now owns 21,491 shares of the bank’s stock worth $701,000 after purchasing an additional 4,119 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Customers Bancorp by 3.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,407,426 shares of the bank’s stock worth $45,913,000 after purchasing an additional 46,459 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Customers Bancorp in the 3rd quarter worth approximately $301,000. Northern Trust Corp boosted its stake in Customers Bancorp by 3.0% in the 2nd quarter. Northern Trust Corp now owns 349,766 shares of the bank’s stock worth $9,891,000 after purchasing an additional 10,292 shares in the last quarter. Finally, KBC Group NV boosted its stake in Customers Bancorp by 97.4% in the 3rd quarter. KBC Group NV now owns 43,901 shares of the bank’s stock worth $1,432,000 after purchasing an additional 21,665 shares in the last quarter. Institutional investors own 87.79% of the company’s stock.
In other news, COO Richard A. Ehst sold 9,000 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $26.70, for a total value of $240,300.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robert E. Wahlman sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The shares were 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. Over the last quarter, insiders have sold 60,129 shares of company stock worth $1,603,489. 8.67% of the stock is owned by company insiders.
About Customers Bancorp
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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