Wedbush brokers cut profit estimates for Bancorp, Inc. clients (NYSE:CUBI)
Bancorp, Inc. Customers (NYSE: CUBI – Get a rating) – Wedbush analysts dropped their first-quarter 2023 earnings estimates for Customers Bancorp in a report released on Friday, October 28. Wedbush analyst D. Chiaverini now expects the bank to post earnings of $1.63 per share for the quarter, down from its previous forecast of $1.66. Wedbush currently 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 $7.69 per share. Wedbush also released estimates for Customers Bancorp Q2 2023 earnings at $1.66, Q4 2023 earnings at $1.68, FY2023 earnings at $6.65, Q1 2024 earnings at $1.61, Q2 2024 earnings at $1.68 and Q3 2024 earnings at $1.73.
A number of other equity research analysts have also recently commented on the stock. Stephens cut his 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 research report on Wednesday, October 12. They have set a “holding” rating on the stock. DA Davidson upgraded Customers Bancorp shares from a ‘neutral’ rating to a ‘buy’ rating and raised his price target for the company from $42.00 to $44.00 in a research report on Friday . B. Riley lowered his price target on Customers Bancorp stock from $90.00 to $85.00 in a Monday, July 11 research report. Finally, Jefferies Financial Group lowered its price target on Customers Bancorp stock from $63.00 to $48.00 in a Monday, July 11 research report. Three research analysts gave the stock a hold rating and five gave the company a buy rating. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.
Bancorp Customers Price Performance
Shares of CUBI opened at $33.81 on Monday. The company’s 50-day simple moving average is $32.75 and its two-hundred-day simple moving average is $36.56. Bancorp customers have a fifty-two week minimum of $29.21 and a fifty-two week maximum of $76.13. The company has a debt ratio of 0.55, a quick ratio of 0.88 and a current ratio of 0.86. The stock has a market capitalization of $1.10 billion, a PE ratio of 3.94 and a beta of 1.60.
Hedge funds weigh on Bancorp customers
Several institutional investors have recently bought and sold shares of CUBI. Exchange Traded Concepts LLC increased its stake in Customers Bancorp stock by 2.2% in Q2. Exchange Traded Concepts LLC now owns 12,847 shares of the bank worth $436,000 after buying 271 additional shares last quarter. Mutual of America Capital Management LLC increased its stake in Customers Bancorp stock by 7.1% in Q1. Mutual of America Capital Management LLC now owns 4,364 shares of the bank worth $228,000 after buying 290 more shares last quarter. Louisiana State Employees Retirement System increased its stake in Customers Bancorp stock by 2.1% in Q1. The Louisiana State Employees Retirement System now owns 14,700 shares of the bank worth $696,000 after buying 300 more shares last quarter. Price T Rowe Associates Inc. MD increased its stake in Customers Bancorp stock by 3.1% in Q2. Price T Rowe Associates Inc. MD now owns 10,783 shares of the bank worth $366,000 after buying 328 more shares last quarter. Finally, Great West Life Assurance Co. Can increased its stake in Customers Bancorp shares by 1.5% in the 1st quarter. Great West Life Assurance Co. Can now owns 26,354 shares of the bank worth $1,410,000 after buying 398 more shares last quarter. 86.12% of the shares are held by hedge funds and other institutional investors.
Clients Company Profile Bancorp
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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