Analysts forecast that Customers Bancorp, Inc (NYSE:CUBI) will post $80.22 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Customers Bancorp’s earnings, with the highest sales estimate coming in at $87.50 million and the lowest estimate coming in at $72.94 million. Customers Bancorp posted sales of $65.06 million during the same quarter last year, which suggests a positive year-over-year growth rate of 23.3%. The company is scheduled to announce its next earnings results after the market closes on Wednesday, January 24th.
According to Zacks, analysts expect that Customers Bancorp will report full-year sales of $80.22 million for the current financial year, with estimates ranging from $288.59 million to $317.38 million. For the next year, analysts expect that the firm will post sales of $325.52 million per share, with estimates ranging from $318.34 million to $332.69 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Customers Bancorp.
Customers Bancorp (NYSE:CUBI) last released its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $86.05 million during the quarter, compared to analyst estimates of $80.32 million. During the same period in the previous year, the company earned $0.64 EPS.
In other news, CFO Robert E. Wahlman sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $26.66, for a total value of $1,333,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rick Burkey sold 1,129 shares of the company’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $26.74, for a total transaction of $30,189.46. Following the completion of the transaction, the director now owns 40,919 shares of the company’s stock, valued at $1,094,174.06. The disclosure for this sale can be found here. Insiders sold 60,129 shares of company stock valued at $1,603,489 over the last 90 days. Insiders own 8.67% of the company’s stock.
Several hedge funds have recently made changes to their positions in CUBI. Dimensional Fund Advisors LP boosted its stake in shares of Customers Bancorp by 18.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,977,458 shares of the bank’s stock valued at $55,924,000 after purchasing an additional 301,538 shares during the period. Teachers Advisors LLC boosted its stake in Customers Bancorp by 348.5% during the 2nd quarter. Teachers Advisors LLC now owns 310,683 shares of the bank’s stock valued at $8,786,000 after acquiring an additional 241,407 shares during the last quarter. Legacy Advisors LLC bought a new position in Customers Bancorp during the 3rd quarter valued at $5,339,000. Kornitzer Capital Management Inc. KS bought a new position in Customers Bancorp during the 3rd quarter valued at $5,190,000. Finally, Citigroup Inc. boosted its stake in Customers Bancorp by 467.0% during the 2nd quarter. Citigroup Inc. now owns 151,067 shares of the bank’s stock valued at $4,272,000 after acquiring an additional 124,424 shares during the last quarter. Institutional investors and hedge funds own 87.79% of the company’s stock.
Customers Bancorp (NYSE:CUBI) traded up $0.80 during trading on Friday, hitting $30.38. 216,499 shares of the stock traded hands, compared to its average volume of 196,693. Customers Bancorp has a 52 week low of $24.75 and a 52 week high of $35.62. The firm has a market capitalization of $935.89, a price-to-earnings ratio of 15.74 and a beta of 0.61. The company has a quick ratio of 0.91, a current ratio of 1.17 and a debt-to-equity ratio of 2.27.
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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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