CU Bancorp (NASDAQ:CUNB) currently trades at $36.35 which is about -2.15% lower than the 52-week high of $38.10. The trading volume at ready counter moved to 103,125.00 shares as compared to 68,441.00 shares average traded volume. The stock failed to get pushed above the $36.70 barrier, the intraday high, after opening at $36.15. Analysts have a consensus target price of $38.50 in the 12-month period. Its market capitalization has now reached to $656.75M.
CU Bancorp (NASDAQ:CUNB) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus Strong buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 1 has assigned a hold rating, 1 says it’s a buy and 4 have assigned a strong buy rating to the company.
CU Bancorp (CUNB) on January 26, 2017 reported financial results for the fourth quarter and full year of 2016.
Full Year and Fourth Quarter 2016 Highlights
- Net income in 2016 was $27.5 million, up 29% from the prior year
- Net income for fourth quarter 2016 was $7.2 million, up 30% from the year-ago quarter
- Return on average tangible common equity of 11.07%, up from 9.86% in the prior year
- Efficiency ratio improved to 58%, from 61% in the prior year
- Net interest income increased $2.2 million or 10% compared to the fourth quarter of 2015
- Tangible book value per share increased $1.43 per share or 11% to $14.10 from the prior year
- Total assets increased $360 million to $3 billion, up 14% from the prior year
- Total deposits increased $321 million to $2.6 billion, up 14% from the prior year
- Non-interest bearing demand deposits were 54% of total deposits at year-end 2016
- Year-end average deposits per branch increased to $290 million
- Total loans increased $217 million to $2.1 billion, up 12% from the prior year
- Net organic loan growth of $111 million in the fourth quarter
- Nonperforming assets to total assets at 0.04% at December 31, 2016
- Continued status as well-capitalized, the highest regulatory category
Full Year and Fourth Quarter Summary Results
“2016 was another year of strong financial performance for the Company,” said David Rainer, Chairman and Chief Executive Officer of CU Bancorp and California United Bank. “Our return on average tangible common equity increased to more than 11%, return on average assets increased to 0.92% and our efficiency ratio was 58%. Momentum was maintained throughout the year, with fourth quarter 2016 performance resulting in net income and diluted earnings per share each up 30% over the year-ago quarter. This led to record net income in 2016 of $27.5 million and diluted earnings per share of $1.50, an increase of 29% and 27%, respectively, from 2015. Activities to enhance BSA Compliance and address the BSA Consent Order resulted in $1.7 million in non-recurring charges, versus our earlier estimate of $2 million.