Customers Bancorp (NYSE:CUBI) Updates FY 2023 Earnings Guidance

Customers Bancorp (NYSE:CUBIGet Rating) issued an update on its FY 2023 earnings guidance on Monday morning. The company provided EPS guidance of $6.00- for the period, compared to the consensus EPS estimate of $6.73. The company issued revenue guidance of -.

Shares of NYSE:CUBI traded down $1.07 during midday trading on Tuesday, hitting $39.78. The stock had a trading volume of 21,977 shares, compared to its average volume of 459,782. The company’s 50-day moving average price is $49.64 and its 200-day moving average price is $56.96. The company has a market capitalization of $1.31 billion, a P/E ratio of 3.98 and a beta of 1.58. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. Customers Bancorp has a fifty-two week low of $33.25 and a fifty-two week high of $76.13.

A number of equities research analysts have recently commented on the stock. Stephens assumed coverage on shares of Customers Bancorp in a research note on Monday, March 28th. They issued an equal weight rating and a $62.50 price objective on the stock. Maxim Group reaffirmed a buy rating and issued a $85.00 price objective on shares of Customers Bancorp in a research note on Friday, April 29th. Wedbush upped their price objective on shares of Customers Bancorp from $75.00 to $80.00 in a research note on Wednesday, January 26th. Keefe, Bruyette & Woods raised shares of Customers Bancorp from a market perform rating to an outperform rating and upped their price objective for the company from $72.00 to $80.00 in a research note on Monday, March 28th. Finally, Zacks Investment Research upgraded shares of Customers Bancorp from a hold rating to a buy rating and set a $48.00 target price on the stock in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Buy and a consensus target price of $69.31.

In related news, Director Lyle Cunningham sold 1,000 shares of the stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $43.06, for a total transaction of $43,060.00. Following the completion of the transaction, the director now owns 11,051 shares in the company, valued at $475,856.06. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Samvir S. Sidhu purchased 2,965 shares of Customers Bancorp stock in a transaction that occurred on Friday, May 6th. The shares were bought at an average price of $42.10 per share, with a total value of $124,826.50. Following the transaction, the chief executive officer now owns 80,637 shares of the company’s stock, valued at approximately $3,394,817.70. The disclosure for this purchase can be found here. Corporate insiders own 10.23% of the company’s stock.

Large investors have recently bought and sold shares of the business. Sei Investments Co. raised its position in shares of Customers Bancorp by 26.0% in the fourth quarter. Sei Investments Co. now owns 234,034 shares of the bank’s stock worth $15,331,000 after buying an additional 48,254 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Customers Bancorp by 23.6% in the fourth quarter. Parametric Portfolio Associates LLC now owns 190,296 shares of the bank’s stock worth $12,440,000 after buying an additional 36,338 shares in the last quarter. Millennium Management LLC raised its position in shares of Customers Bancorp by 678.0% in the fourth quarter. Millennium Management LLC now owns 183,199 shares of the bank’s stock worth $11,976,000 after buying an additional 159,651 shares in the last quarter. Morgan Stanley raised its position in shares of Customers Bancorp by 106.7% in the second quarter. Morgan Stanley now owns 159,201 shares of the bank’s stock worth $6,208,000 after buying an additional 82,166 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Customers Bancorp by 3.4% in the fourth quarter. Legal & General Group Plc now owns 73,024 shares of the bank’s stock worth $4,774,000 after buying an additional 2,427 shares in the last quarter. Hedge funds and other institutional investors own 83.48% of the company’s stock.

About Customers Bancorp (Get Rating)

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company offers deposits products, including checking, savings, MMDA, and other deposits accounts. It offers loan products, including commercial mortgage warehouse loans, multi-family and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgage loans, and installment loans.

Featured Articles

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

Receive News & Ratings for Customers Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Customers Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.