American Century Companies Inc. Boosts Stock Position in Customers Bancorp, Inc $CUBI

Key Points

• American Century Companies Inc. increased its stake in Customers Bancorp by 7.3%, now owning about 2.64% of the company, valued at approximately $41.67 million.
• Several analysts have upgraded Customers Bancorp's stock ratings and price targets, with Keefe, Bruyette & Woods now projecting a target of $71.00 and B. Riley setting it at $85.00.
• Customers Bancorp reported better-than-expected earnings of $1.80 per share for the last quarter, surpassing forecasts and showing year-over-year revenue growth of 3.8%.

American Century Companies Inc. boosted its holdings in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 830,023 shares of the bank's stock after purchasing an additional 56,251 shares during the quarter. American Century Companies Inc. owned about 2.64% of Customers Bancorp worth $41,667,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Fox Run Management L.L.C. increased its holdings in Customers Bancorp by 99.5% in the first quarter. Fox Run Management L.L.C. now owns 22,481 shares of the bank's stock worth $1,129,000 after purchasing an additional 11,215 shares in the last quarter. Ground Swell Capital LLC bought a new stake in Customers Bancorp in the first quarter worth approximately $208,000. Russell Investments Group Ltd. increased its holdings in Customers Bancorp by 5.2% in the first quarter. Russell Investments Group Ltd. now owns 80,652 shares of the bank's stock worth $4,049,000 after purchasing an additional 3,958 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Customers Bancorp by 54.3% in the first quarter. Public Sector Pension Investment Board now owns 112,092 shares of the bank's stock worth $5,627,000 after purchasing an additional 39,460 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Customers Bancorp in the first quarter worth approximately $26,652,000. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Stock Up 2.1%

Customers Bancorp stock traded up $1.47 during trading on Tuesday, hitting $70.22. 207,742 shares of the company were exchanged, compared to its average volume of 299,640. The business's 50 day moving average is $62.79 and its 200 day moving average is $54.98. Customers Bancorp, Inc has a 52 week low of $40.75 and a 52 week high of $70.42. The company has a market capitalization of $2.22 billion, a P/E ratio of 17.38 and a beta of 1.59. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.77.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CUBI shares. Wall Street Zen raised Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Keefe, Bruyette & Woods lifted their price target on shares of 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 lifted their price target 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. Stephens lifted their price target 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. Finally, DA Davidson lifted their price target 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. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $69.25.

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.