Jefferies Financial Group looks at Customers Bancorp, Inc.’s first quarter 2024 results (NYSE:CUBI)
Bancorp, Inc. Customers (NYSE: CUBI – Get a rating) – Research analysts at Jefferies Financial Group lowered their first-quarter 2024 EPS estimates for Customers Bancorp in a research report released to clients and investors on Monday, October 31. Jefferies Financial Group analyst C. Haire now expects the bank to post earnings per share of $1.54 for the quarter, down from its previous estimate of $1.56. The consensus estimate of Customers Bancorp’s current annual earnings is $7.84 per share. Jefferies Financial Group also released estimates for Customers Bancorp Q2 2024 earnings at $1.60 EPS and Q3 2024 earnings at $1.57 EPS.
A number of other equity research analysts have also commented on CUBI. Hovde Group lowered its price target on Customers Bancorp shares to $44.00 in a report on Tuesday. Stephens lowered its price target on Customers Bancorp stock from $54.00 to $52.00 and set an “equal weight” rating on the stock in a Tuesday, Aug. 2 report. StockNews.com began covering Customers Bancorp shares in a report on Wednesday, October 12. They have set a “holding” rating on the stock. Wedbush rephrased an “outperform” rating and set a price target of $45.00 on Customers Bancorp stock in a Wednesday, September 28 report. Finally, B. Riley lowered his price target on Customers Bancorp stock from $90.00 to $85.00 in a Monday, July 11 report. Two investment analysts gave the stock a hold rating and five gave the stock a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.38.
Bancorp customers trade down 1.9%
CUBI opened at $33.06 on Wednesday. The company’s fifty-day moving average is $32.63 and its two-hundred-day moving average is $36.41. The company has a debt ratio of 0.55, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $1.07 billion, a PE ratio of 3.85 and a beta of 1.59. Bancorp Clients has a 12-month low of $29.21 and a 12-month high of $76.13.
Institutional entries and exits
Hedge funds and other institutional investors have recently changed their holdings in the company. BlackRock Inc. increased its holding in shares of Customers Bancorp by 4.6% in the 1st quarter. BlackRock Inc. now owns 4,837,269 shares of the bank worth $252,216,000 after purchasing an additional 214,065 shares during the period. State Street Corp increased its stake in Customers Bancorp shares by 56.3% in the 1st quarter. State Street Corp now owns 2,282,972 shares of the bank worth $119,034,000 after purchasing an additional 822,072 shares during the period. Vanguard Group Inc. increased its holdings of Customers Bancorp stock by 2.0% in the first quarter. Vanguard Group Inc. now owns 1,948,419 shares of the bank worth $101,591,000 after purchasing an additional 37,717 shares during the period. Basswood Capital Management LLC increased its holdings of Customers Bancorp shares by 25.1% during the second quarter. Basswood Capital Management LLC now owns 1,055,123 shares of the bank worth $35,769,000 after purchasing an additional 211,732 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Customers Bancorp by 75.0% in the 1st quarter. Victory Capital Management Inc. now owns 998,379 shares of the bank worth $50,272,000 after purchasing an additional 427,959 shares in the last quarter. Institutional investors hold 86.12% of the company’s shares.
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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