The Market Has Lost Faith in Customers Bancorp, but Management Certainly Hasn't
The $20 billion asset technology-forward lender Customers Bancorp (NYSE: CUBI) saw its stock struggle immensely in 2022 after a big year in 2021. The stock is now down more than 50% over the last year and trades at just 74% of its tangible book value, or net worth.
The bank has struggled due to near-term headwinds this year, particularly as it relates to its funding costs, which soared higher in the fourth quarter. Following its fourth-quarter earnings results, the stock fell a whopping 20%.
While the market may have given up on Customers, the bank still plans to generate solid returns this year, and management has never been more bullish on the stock. Here's why.
Source Fool.com