Brokerages Anticipate Customers Bancorp Inc (CUBI) Will Post Earnings of $0.36 Per Share
Wall Street brokerages predict that Customers Bancorp Inc (NYSE:CUBI) will announce earnings per share (EPS) of $0.36 for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Customers Bancorp’s earnings, with estimates ranging from $0.32 to $0.39. Customers Bancorp reported earnings per share of $0.64 during the same quarter last year, which would suggest a negative year over year growth rate of 43.8%. The firm is scheduled to report its next quarterly earnings results after the market closes on Wednesday, April 24th.
According to Zacks, analysts expect that Customers Bancorp will report full year earnings of $2.25 per share for the current financial year. For the next financial year, analysts forecast that the business will report earnings of $2.52 per share, with EPS estimates ranging from $2.35 to $2.85. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow Customers Bancorp.
Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings results on Thursday, January 24th. The bank reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.02. The firm had revenue of $61.50 million during the quarter, compared to analysts’ expectations of $64.38 million. Customers Bancorp had a return on equity of 12.82% and a net margin of 15.03%. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.55 earnings per share.
NYSE:CUBI traded up $0.27 during trading hours on Tuesday, hitting $22.27. The company had a trading volume of 102,700 shares, compared to its average volume of 189,790. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.84. The stock has a market cap of $694.65 million, a P/E ratio of 9.16, a PEG ratio of 0.99 and a beta of 0.84. Customers Bancorp has a 1 year low of $16.72 and a 1 year high of $32.34.
In other news, insider Glenn Hedde sold 7,802 shares of the stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $21.57, for a total transaction of $168,289.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven Issa sold 6,926 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $20.48, for a total value of $141,844.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,004 shares of company stock valued at $337,759. Company insiders own 7.71% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Paloma Partners Management Co acquired a new position in Customers Bancorp during the 4th quarter worth about $194,000. Vanguard Group Inc lifted its stake in Customers Bancorp by 1.3% during the 3rd quarter. Vanguard Group Inc now owns 1,750,099 shares of the bank’s stock worth $41,180,000 after acquiring an additional 22,159 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Customers Bancorp by 0.5% during the 4th quarter. Principal Financial Group Inc. now owns 236,547 shares of the bank’s stock worth $4,305,000 after acquiring an additional 1,289 shares in the last quarter. Prudential Financial Inc. lifted its stake in Customers Bancorp by 10.6% during the 4th quarter. Prudential Financial Inc. now owns 661,610 shares of the bank’s stock worth $12,041,000 after acquiring an additional 63,435 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Customers Bancorp by 20.4% during the 4th quarter. Rhumbline Advisers now owns 83,887 shares of the bank’s stock worth $1,527,000 after acquiring an additional 14,198 shares in the last quarter. 77.47% of the stock is currently owned by hedge funds and other institutional investors.
About Customers Bancorp
Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to small and middle market businesses, not-for-profits, and consumers. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, individual retirement, and non-retail time deposit accounts, as well as certificates of deposit.
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