AlphaQuest LLC Purchases 7,413 Shares of Customers Bancorp, Inc $CUBI

Key Points

• AlphaQuest LLC has increased its holdings in Customers Bancorp, Inc by 53.1%, owning a total of 21,379 shares valued at $1,073,000 after acquiring an additional 7,413 shares in the first quarter.
• Multiple institutional investors have also adjusted their positions in Customers Bancorp, with 89.29% of the stock now owned by such investors, reflecting growing interest in the bank's stock.
• Customers Bancorp reported earnings of $1.80 per share, surpassing estimates and demonstrating a revenue increase of 3.8% year-over-year, with a forecast EPS of 6.45 for the current year.

AlphaQuest LLC increased its position in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 53.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,379 shares of the bank's stock after purchasing an additional 7,413 shares during the period. AlphaQuest LLC owned approximately 0.07% of Customers Bancorp worth $1,073,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Customers Bancorp in the 4th quarter worth about $46,000. GAMMA Investing LLC lifted its stake in Customers Bancorp by 27.2% during the 1st quarter. GAMMA Investing LLC now owns 1,887 shares of the bank's stock valued at $95,000 after acquiring an additional 403 shares during the period. Ground Swell Capital LLC bought a new position in Customers Bancorp during the 1st quarter valued at about $208,000. Hsbc Holdings PLC bought a new position in Customers Bancorp during the 4th quarter valued at about $202,000. Finally, EP Wealth Advisors LLC bought a new position in Customers Bancorp during the 4th quarter valued at about $205,000. Institutional investors own 89.29% of the company's stock.

Customers Bancorp Trading Up 1.0%

Shares of CUBI traded up $0.70 during midday trading on Friday, hitting $71.87. The stock had a trading volume of 50,101 shares, compared to its average volume of 297,385. Customers Bancorp, Inc has a 1 year low of $40.75 and a 1 year high of $71.88. The firm has a market cap of $2.27 billion, a PE ratio of 17.79 and a beta of 1.59. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The stock's 50 day moving average is $63.58 and its 200 day moving average is $55.19.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $1.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.30. The firm had revenue of $206.31 million during the quarter, compared to analyst estimates of $170.81 million. Customers Bancorp had a net margin of 10.77% and a return on equity of 11.98%. The business's revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.49 earnings per share. As a group, analysts forecast that Customers Bancorp, Inc will post 6.45 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on CUBI. Keefe, Bruyette & Woods increased their price objective on shares of Customers Bancorp from $70.00 to $71.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Stephens increased their price objective on shares of Customers Bancorp from $55.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. B. Riley increased their price objective on shares of Customers Bancorp from $82.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Wall Street Zen upgraded shares of Customers Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, DA Davidson raised their target price on shares of Customers Bancorp from $69.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.25.

About Customers Bancorp

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.