American Century Companies Inc. Has $41.67 Million 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. increased its holdings in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 830,023 shares of the bank's stock after buying an additional 56,251 shares during the quarter. American Century Companies Inc. owned 2.64% of Customers Bancorp worth $41,667,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CUBI. Wells Fargo & Company MN grew its holdings in Customers Bancorp by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 17,424 shares of the bank's stock worth $848,000 after purchasing an additional 3,792 shares during the period. Envestnet Asset Management Inc. grew its holdings in Customers Bancorp by 20.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 17,777 shares of the bank's stock worth $865,000 after purchasing an additional 2,994 shares during the period. Raymond James Financial Inc. bought a new position in Customers Bancorp during the fourth quarter worth about $2,543,000. Summit Investment Advisors Inc. lifted its position in Customers Bancorp by 8.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,098 shares of the bank's stock worth $151,000 after acquiring an additional 254 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in Customers Bancorp during the fourth quarter worth approximately $1,752,000. Institutional investors own 89.29% of the company's stock.

Analysts Set New Price Targets

CUBI has been the subject of several research reports. 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 raised their price objective on shares of Customers Bancorp from $70.00 to $71.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Stephens raised their price objective on shares of Customers Bancorp from $55.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. B. Riley raised their price objective on shares of Customers Bancorp from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, DA Davidson raised their price objective on shares of Customers Bancorp from $69.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $69.25.

Customers Bancorp Price Performance

Shares of NYSE CUBI traded up $3.2790 during midday trading on Friday, reaching $68.7290. The company's stock had a trading volume of 413,174 shares, compared to its average volume of 335,304. 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, Inc has a fifty-two week low of $40.75 and a fifty-two week high of $69.42. The business's 50 day moving average price is $62.04 and its two-hundred day moving average price is $54.82. The company has a market cap of $2.17 billion, a P/E ratio of 17.01 and a beta of 1.59.

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

About Customers Bancorp

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.