What is DA Davidson's Estimate for CUBI FY2024 Earnings?

Customers Bancorp, Inc. (NYSE:CUBI - Free Report) - Stock analysts at DA Davidson decreased their FY2024 earnings per share (EPS) estimates for Customers Bancorp in a research note issued on Monday, November 4th. DA Davidson analyst P. Winter now expects that the bank will earn $5.72 per share for the year, down from their prior forecast of $6.14. DA Davidson has a "Buy" rating and a $79.00 price objective on the stock. The consensus estimate for Customers Bancorp's current full-year earnings is $6.11 per share. DA Davidson also issued estimates for Customers Bancorp's Q4 2024 earnings at $1.21 EPS.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.09). The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $191.61 million. Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The company's revenue for the quarter was down 23.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.59 earnings per share.

A number of other analysts have also weighed in on CUBI. Keefe, Bruyette & Woods lowered Customers Bancorp from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $57.00 to $52.00 in a research note on Monday. StockNews.com cut shares of Customers Bancorp from a "hold" rating to a "sell" rating in a research report on Monday. Piper Sandler reduced their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a "neutral" rating on the stock in a research report on Monday. B. Riley raised their price target on shares of Customers Bancorp from $78.00 to $80.00 and gave the company a "buy" rating in a report on Monday. Finally, Hovde Group downgraded Customers Bancorp from an "outperform" rating to a "market perform" rating and set a $49.00 price objective on the stock. in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Customers Bancorp currently has a consensus rating of "Hold" and a consensus target price of $61.88.

Customers Bancorp Price Performance

Shares of CUBI traded up $0.80 on Tuesday, hitting $46.46. The company's stock had a trading volume of 300,820 shares, compared to its average volume of 364,462. The company has a 50 day moving average price of $47.16 and a 200 day moving average price of $48.93. Customers Bancorp has a fifty-two week low of $40.61 and a fifty-two week high of $68.49. The company has a market capitalization of $1.47 billion, a PE ratio of 7.41 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92.

Institutional Investors Weigh In On Customers Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC acquired a new position in shares of Customers Bancorp during the 2nd quarter worth about $48,000. Innealta Capital LLC bought a new stake in Customers Bancorp during the second quarter worth about $74,000. GAMMA Investing LLC boosted its position in Customers Bancorp by 21.7% during the third quarter. GAMMA Investing LLC now owns 1,580 shares of the bank's stock valued at $73,000 after purchasing an additional 282 shares during the last quarter. CWM LLC increased its position in shares of Customers Bancorp by 14.2% during the 3rd quarter. CWM LLC now owns 2,198 shares of the bank's stock worth $102,000 after purchasing an additional 274 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Customers Bancorp during the 2nd quarter worth approximately $151,000. Institutional investors and hedge funds own 89.29% of the company's stock.

Insider Buying and Selling at Customers Bancorp

In related news, CEO Samvir S. Sidhu purchased 2,500 shares of the stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $45.53 per share, with a total value of $113,825.00. Following the purchase, the chief executive officer now directly owns 144,504 shares in the company, valued at $6,579,267.12. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 6.92% of the company's stock.

About Customers Bancorp

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 provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.