KLP Kapitalforvaltning AS Acquires New Holdings in Customers Bancorp, Inc. (NYSE:CUBI)

KLP Kapitalforvaltning AS acquired a new stake in Customers Bancorp, Inc. (NYSE:CUBI - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 16,200 shares of the bank's stock, valued at approximately $789,000. KLP Kapitalforvaltning AS owned approximately 0.05% of Customers Bancorp at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CUBI. State Street Corp grew its stake in Customers Bancorp by 10.5% in the third quarter. State Street Corp now owns 1,781,976 shares of the bank's stock valued at $82,773,000 after purchasing an additional 169,982 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Customers Bancorp by 5.9% in the fourth quarter. American Century Companies Inc. now owns 773,772 shares of the bank's stock valued at $37,667,000 after buying an additional 42,965 shares in the last quarter. Geode Capital Management LLC increased its holdings in Customers Bancorp by 2.7% during the third quarter. Geode Capital Management LLC now owns 687,130 shares of the bank's stock worth $31,924,000 after buying an additional 17,941 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Customers Bancorp by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 509,469 shares of the bank's stock worth $23,665,000 after acquiring an additional 12,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Customers Bancorp by 46.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 285,368 shares of the bank's stock valued at $13,621,000 after acquiring an additional 90,451 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Stock Performance

CUBI stock traded down $2.35 during trading hours on Friday, hitting $43.25. 620,084 shares of the stock were exchanged, compared to its average volume of 370,235. The company has a 50-day simple moving average of $53.25 and a two-hundred day simple moving average of $50.95. The firm has a market capitalization of $1.36 billion, a P/E ratio of 8.51 and a beta of 1.47. Customers Bancorp, Inc. has a 12 month low of $40.75 and a 12 month high of $68.49. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.77.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.15. Customers Bancorp had a net margin of 13.07% and a return on equity of 12.29%. On average, analysts forecast that Customers Bancorp, Inc. will post 6.45 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Glenn Hedde sold 15,815 shares of Customers Bancorp stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $58.25, for a total value of $921,223.75. Following the transaction, the insider now directly owns 55,211 shares of the company's stock, valued at $3,216,040.75. This trade represents a 22.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jay S. Sidhu sold 67,000 shares of the company's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $56.82, for a total value of $3,806,940.00. Following the sale, the chief executive officer now owns 965,723 shares of the company's stock, valued at $54,872,380.86. The trade was a 6.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 115,988 shares of company stock worth $6,627,318. 6.92% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Maxim Group boosted their price objective on shares of Customers Bancorp from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods boosted their price target on Customers Bancorp from $62.00 to $67.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. DA Davidson raised their price objective on Customers Bancorp from $68.00 to $71.00 and gave the company a "buy" rating in a research report on Monday, January 27th. Finally, Stephens reiterated an "equal weight" rating and set a $58.00 target price on shares of Customers Bancorp in a research note on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Customers Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.00.

Customers Bancorp Company 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.