Customers Bancorp (NYSE:CUBI) Trading 10.4% Higher After Better-Than-Expected Earnings
Customers Bancorp Inc (NYSE:CUBI) shares traded up 10.4% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $12.50 and last traded at $11.97, 473,368 shares changed hands during mid-day trading. An increase of 88% from the average session volume of 252,216 shares. The stock had previously closed at $10.84.
The bank reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.17. The company had revenue of $114.22 million during the quarter, compared to analyst estimates of $108.09 million. Customers Bancorp had a return on equity of 10.77% and a net margin of 14.19%.
CUBI has been the subject of a number of research reports. ValuEngine raised shares of Customers Bancorp from a “strong sell” rating to a “sell” rating in a report on Thursday, July 2nd. Zacks Investment Research lowered shares of Customers Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $21.33.
The company has a market capitalization of $376.95 million, a price-to-earnings ratio of 5.07 and a beta of 1.48. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.42. The business’s 50-day simple moving average is $11.32 and its 200-day simple moving average is $14.35.
About Customers Bancorp (NYSE:CUBI)
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 operates in two segments, Customers Bank Business Banking and BankMobile. The company accepts various deposit products, such as checking, savings, money market deposit, time deposit, and individual retirement accounts, as well as certificates of deposit.
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