Shellback Capital LP Grows Stock Position in Customers Bancorp, Inc $CUBI

Key Points

• Shellback Capital LP increased its stake in Customers Bancorp by 20.8%, acquiring an additional 22,423 shares, bringing its total ownership to 130,423 shares valued at approximately $6.5 million.
• Customers Bancorp reported a quarterly EPS of $1.80, exceeding estimates by $0.30 and showing a year-over-year revenue increase of 3.8% to $206.31 million.
• Several research firms have raised their price target for Customers Bancorp, with analysts currently rating the stock as a "Moderate Buy" and an average target price of $69.88.

Shellback Capital LP increased its holdings in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 20.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 130,423 shares of the bank's stock after acquiring an additional 22,423 shares during the quarter. Shellback Capital LP owned approximately 0.41% of Customers Bancorp worth $6,547,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. EP Wealth Advisors LLC increased its holdings in shares of Customers Bancorp by 5.3% in the 1st quarter. EP Wealth Advisors LLC now owns 4,431 shares of the bank's stock valued at $222,000 after acquiring an additional 223 shares during the period. Nisa Investment Advisors LLC grew its position in Customers Bancorp by 3.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 7,422 shares of the bank's stock valued at $373,000 after buying an additional 270 shares during the last quarter. GAMMA Investing LLC grew its position in Customers Bancorp by 27.2% in the 1st quarter. GAMMA Investing LLC now owns 1,887 shares of the bank's stock valued at $95,000 after buying an additional 403 shares during the last quarter. Royal Bank of Canada grew its position in Customers Bancorp by 11.5% in the 1st quarter. Royal Bank of Canada now owns 5,344 shares of the bank's stock valued at $269,000 after buying an additional 553 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Customers Bancorp by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,839 shares of the bank's stock valued at $820,000 after buying an additional 645 shares during the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on CUBI. B. Riley lifted their price objective on shares of Customers Bancorp from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, July 28th. DA Davidson lifted their price objective on shares of Customers Bancorp from $69.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Wall Street Zen upgraded shares of Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Customers Bancorp from $71.00 to $76.00 and gave the company a "market perform" rating in a research report on Friday, September 5th. Finally, Stephens lifted their price objective on shares of Customers Bancorp from $55.00 to $62.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $69.88.

Customers Bancorp Price Performance

Shares of NYSE CUBI traded up $0.04 during trading on Friday, hitting $68.17. 42,088 shares of the company were exchanged, compared to its average volume of 311,840. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 16.88 and a beta of 1.62. Customers Bancorp, Inc has a 1 year low of $40.75 and a 1 year high of $72.51. The firm's fifty day moving average price is $65.75 and its 200 day moving average price is $56.13. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $1.80 EPS for the quarter, topping the consensus estimate of $1.50 by $0.30. The company had revenue of $206.31 million for 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 EPS. On average, sell-side analysts expect that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

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.