KLP Kapitalforvaltning AS Decreases Position in Customers Bancorp, Inc (NYSE:CUBI)

Key Points

• KLP Kapitalforvaltning AS sold 10,500 shares of Customers Bancorp, reducing its stake by 64.8%, leaving it with 5,700 shares valued at $286,000.
• Analysts have raised target prices on Customers Bancorp, with B. Riley setting a new target of $85.00 and DA Davidson raising theirs to $78.00, with a positive overall sentiment reflected in ratings from multiple firms.
• Customers Bancorp reported an EPS of $1.80 for the last quarter, exceeding expectations, and had a revenue of $206.31 million, surpassing analyst projections of $170.81 million.

KLP Kapitalforvaltning AS lessened its position in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 64.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,700 shares of the bank's stock after selling 10,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Customers Bancorp were worth $286,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Hood River Capital Management LLC boosted its stake in shares of Customers Bancorp by 40.1% during the 4th quarter. Hood River Capital Management LLC now owns 1,470,951 shares of the bank's stock worth $71,606,000 after acquiring an additional 421,335 shares during the period. Shellback Capital LP acquired a new stake in Customers Bancorp during the fourth quarter worth approximately $5,257,000. JPMorgan Chase & Co. grew its stake in Customers Bancorp by 33.1% in the fourth quarter. JPMorgan Chase & Co. now owns 429,572 shares of the bank's stock valued at $20,912,000 after acquiring an additional 106,895 shares during the period. SG Americas Securities LLC increased its holdings in shares of Customers Bancorp by 1,866.5% during the first quarter. SG Americas Securities LLC now owns 109,713 shares of the bank's stock valued at $5,508,000 after acquiring an additional 104,134 shares in the last quarter. Finally, Gator Capital Management LLC grew its holdings in Customers Bancorp by 135.0% during the fourth quarter. Gator Capital Management LLC now owns 178,801 shares of the bank's stock worth $8,704,000 after buying an additional 102,701 shares in the last quarter. Institutional investors and hedge funds own 89.29% of the company's stock.

Customers Bancorp Price Performance

Shares of Customers Bancorp stock traded up $0.60 during trading hours on Monday, hitting $62.80. The company's stock had a trading volume of 85,362 shares, compared to its average volume of 305,321. The business has a 50 day moving average price of $58.09 and a two-hundred day moving average price of $53.77. Customers Bancorp, Inc has a 12-month low of $40.75 and a 12-month high of $67.19. The company has a market cap of $1.98 billion, a PE ratio of 15.58 and a beta of 1.59. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CUBI. Keefe, Bruyette & Woods upped their price target on Customers Bancorp from $70.00 to $71.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. B. Riley boosted their price objective on Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. DA Davidson raised their target price on Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Stephens lifted their price objective on Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Customers Bancorp Profile

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.