Bancorp, Inc. (NYSE: CUBI) Clients Expected to Earn $1.80 Per Share in Q3 2022
Customers Bancorp, Inc. (NYSE: CUBI – Get a rating) – Wedbush investment analysts cut their third quarter 2022 earnings per share (EPS) estimates for Customers Bancorp stock in a report released Wednesday, October 5. Wedbush analyst D. Chiaverini now expects the bank to post earnings per share of $1.80 for the quarter, down from its previous forecast of $1.89. Wedbush has an “Outperform” rating and a price target of $45.00 on the stock. The consensus estimate of Customers Bancorp’s current annual earnings is $7.29 per share. Wedbush also released estimates for Customers Bancorp’s fourth quarter 2022 earnings at $1.88 EPS and full-year 2022 earnings at $7.38 EPS.
CUBI has been the subject of several other research reports. Jefferies Financial Group lowered its price target on Customers Bancorp stock from $63.00 to $48.00 in a research note on Monday, July 11. Stephens lowered his price target on Customers Bancorp stock from $54.00 to $52.00 and set an “equal weight” rating for the company in a Tuesday, Aug. 2 research note. B. Riley lowered his price target on Customers Bancorp stock from $90.00 to $85.00 in a research note on Monday, July 11. Finally, DA Davidson reiterated a “neutral” rating on Customers Bancorp stock in a Wednesday July 27 research note. Four research analysts rated the stock with a hold rating and five gave the company a buy rating. According to MarketBeat, Customers Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.57.
Bancorp Customers Price Performance
Shares of Customers Bancorp opened at $32.74 on Thursday. Bancorp Clients has a 12-month low of $29.21 and a 12-month high of $76.13. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt ratio of 0.67. The company has a 50-day simple moving average of $34.82 and a two-hundred-day simple moving average of $38.86. The stock has a market capitalization of $1.06 billion, a price-earnings ratio of 3.28 and a beta of 1.60.
Bancorp Customers (NYSE: CUBI – Get a rating) last announced its results on Wednesday, July 27. The bank reported earnings per share (EPS) of $1.77 for the quarter, missing analyst consensus estimates of $1.80 per ($0.03). Clients Bancorp had a net margin of 38.56% and a return on equity of 29.54%. The company posted revenue of $177.60 million in the quarter, versus a consensus estimate of $178.09 million. During the same period a year earlier, the company posted EPS of $1.76.
Hedge funds weigh on Bancorp customers
Several hedge funds and other institutional investors have recently changed their positions in the company. Federated Hermes Inc. increased its position in Customers Bancorp shares by 30.4% in the second quarter. Federated Hermes Inc. now owns 474,364 shares of the bank valued at $16,081,000 after buying an additional 110,625 shares last quarter. Hussman Strategic Advisors Inc. purchased a new stake in Customers Bancorp stock during Q2 valued at approximately $2,627,000. Legal & General Group Plc increased its holdings of Customers Bancorp shares by 0.7% in the second quarter. Legal & General Group Plc now owns 73,595 shares in the bank valued at $2,495,000 after buying an additional 486 shares in the last quarter. RMB Capital Management LLC purchased a new stake in Customers Bancorp stock during Q2 valued at approximately $1,695,000. Finally, Thrivent Financial for Lutherans increased its holdings in Customers Bancorp shares by 207.8% during the second quarter. Thrivent Financial for Lutherans now owns 436,927 shares of the bank valued at $14,812,000 after purchasing an additional 294,967 shares in the last quarter. 86.12% of the shares are currently held by institutional investors and hedge funds.
About Bancorp Customers
Customers Bancorp, Inc operates as a banking holding company for Customers Bank which provides financial products and services to individuals and small and medium businesses. The Company offers deposit products, including checking, savings, MMDA and other deposit accounts. It offers lending products, including commercial warehouse mortgages, multifamily and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgages and installment loans.
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