Assenagon Asset Management S.A. Grows Holdings in Customers Bancorp, Inc $CUBI

Assenagon Asset Management S.A. grew its position in shares of Customers Bancorp, Inc (NYSE:CUBI) by 213.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 778,789 shares of the bank’s stock after purchasing an additional 529,987 shares during the period. Assenagon Asset Management S.A.’s holdings in Customers Bancorp were worth $54,056,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Lido Advisors LLC raised its position in shares of Customers Bancorp by 3.0% in the fourth quarter. Lido Advisors LLC now owns 6,135 shares of the bank’s stock valued at $412,000 after buying an additional 178 shares during the last quarter. Alliancebernstein L.P. boosted its position in Customers Bancorp by 0.5% during the third quarter. Alliancebernstein L.P. now owns 34,054 shares of the bank’s stock worth $2,226,000 after acquiring an additional 182 shares during the last quarter. MetLife Investment Management LLC boosted its position in Customers Bancorp by 1.3% during the fourth quarter. MetLife Investment Management LLC now owns 17,625 shares of the bank’s stock worth $1,289,000 after acquiring an additional 230 shares during the last quarter. Arax Advisory Partners grew its stake in Customers Bancorp by 218.9% in the 4th quarter. Arax Advisory Partners now owns 354 shares of the bank’s stock worth $26,000 after acquiring an additional 243 shares during the period. Finally, Arizona State Retirement System grew its stake in Customers Bancorp by 3.0% in the 4th quarter. Arizona State Retirement System now owns 9,146 shares of the bank’s stock worth $669,000 after acquiring an additional 267 shares during the period. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CUBI shares. JPMorgan Chase & Co. reduced their price target on Customers Bancorp from $90.00 to $84.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $86.00 price objective (up from $82.00) on shares of Customers Bancorp in a research report on Monday, April 27th. Weiss Ratings raised Customers Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. DA Davidson upped their target price on Customers Bancorp from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Finally, Hovde Group increased their target price on Customers Bancorp from $80.00 to $86.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.50.

Insider Buying and Selling

In other news, CEO Samvir S. Sidhu purchased 1,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was purchased at an average price of $72.58 per share, with a total value of $72,580.00. Following the completion of the transaction, the chief executive officer owned 521,714 shares in the company, valued at approximately $37,866,002.12. The trade was a 0.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Philip Watkins sold 3,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $75.67, for a total value of $227,010.00. Following the sale, the executive vice president owned 43,993 shares of the company’s stock, valued at $3,328,950.31. This represents a 6.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 10.45% of the company’s stock.

Customers Bancorp Stock Performance

NYSE:CUBI opened at $79.36 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. The company has a market cap of $2.68 billion, a P/E ratio of 10.07 and a beta of 1.49. Customers Bancorp, Inc has a fifty-two week low of $57.17 and a fifty-two week high of $82.56. The firm’s 50 day moving average is $75.79 and its two-hundred day moving average is $74.04.

Customers Bancorp (NYSE:CUBI) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.09. Customers Bancorp had a net margin of 18.63% and a return on equity of 14.12%. The company had revenue of $225.40 million for the quarter, compared to analyst estimates of $223.51 million. During the same quarter last year, the business earned $1.54 EPS. Customers Bancorp’s revenue for the quarter was up 57.9% on a year-over-year basis. Analysts expect that Customers Bancorp, Inc will post 8.52 EPS for the current year.

Customers Bancorp Profile

Customers Bancorp, Inc (NYSE: CUBI) is a bank holding company headquartered in Phoenixville, Pennsylvania, and the parent of Customers Bank, a federally chartered institution. The company offers a full suite of commercial and consumer banking services, combining traditional deposit and lending products with modern digital banking platforms. As a publicly traded entity, Customers Bancorp focuses on delivering tailored financial solutions to mid?market companies, small businesses, professionals and individuals across the United States.

Through its commercial banking division, the company provides term loans, lines of credit, real estate financing, asset?based lending and treasury management services.