Regional banking company Customers Bancorp (NYSE: CUBI) will be reporting results this Thursday after market close. Here’s what you need to know.
Customers Bancorp beat analysts’ revenue expectations last quarter, reporting revenues of $225.4 million, up 15.6% year on year. It was a slower quarter for the company, with a miss of analysts’ net interest income estimates and a narrow beat of analysts’ EPS estimates.
Is Customers Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Customers Bancorp’s revenue to grow 11.3% year on year, improving from the 9.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Customers Bancorp rarely misses Wall Street’s revenue estimates.
Looking at Customers Bancorp’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.5%, beating analysts’ expectations by 3.9%, and BOK Financial reported revenues up 10.1%, topping estimates by 2.8%. BOK Financial’s stock price was unchanged following the results.
Read our full analysis of OFG Bancorp’s results here and BOK Financial’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 4.8% on average over the last month. Customers Bancorp is up 1.1% during the same time and is heading into earnings with an average analyst price target of $92.45 (compared to the current share price of $77.02).
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