American Century Companies Inc. Buys 69,200 Shares of Customers Bancorp, Inc $CUBI

Key Points

• American Century Companies Inc. added 69,200 shares in Q3, raising its stake to 945,825 shares (about 2.77% of Customers Bancorp) worth roughly $61.8 million, while institutional investors collectively own 89.29% of the stock.
• Customers Bancorp's Board approved a $100 million share repurchase program (up to ~4% of outstanding shares), and several analysts have recently upgraded the stock, leaving a MarketBeat consensus of Moderate Buy with a $88 target.
• The bank beat Q4 estimates with $2.06 EPS (vs. $2.04 est.) and $236.9M revenue, and currently trades at a PE of 11.33 with a market cap of about $2.40 billion.

American Century Companies Inc. increased its stake in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 7.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 945,825 shares of the bank's stock after purchasing an additional 69,200 shares during the quarter. American Century Companies Inc. owned 2.77% of Customers Bancorp worth $61,829,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Quantbot Technologies LP boosted its position in Customers Bancorp by 96.4% in the third quarter. Quantbot Technologies LP now owns 62,440 shares of the bank's stock worth $4,082,000 after purchasing an additional 30,643 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Customers Bancorp by 451.2% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 937 shares of the bank's stock valued at $61,000 after purchasing an additional 767 shares during the last quarter. Harbor Advisors LLC lifted its stake in shares of Customers Bancorp by 26.1% in the 3rd quarter. Harbor Advisors LLC now owns 29,000 shares of the bank's stock worth $1,896,000 after purchasing an additional 6,000 shares during the period. CenterBook Partners LP boosted its holdings in shares of Customers Bancorp by 77.1% in the third quarter. CenterBook Partners LP now owns 27,789 shares of the bank's stock worth $1,817,000 after buying an additional 12,101 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Customers Bancorp by 3.9% in the third quarter. Vanguard Group Inc. now owns 2,155,308 shares of the bank's stock worth $140,892,000 after buying an additional 81,200 shares during the last quarter. Institutional investors own 89.29% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on CUBI shares. Morgan Stanley upped their target price on shares of Customers Bancorp from $90.00 to $92.00 and gave the company an "equal weight" rating in a report on Monday. Maxim Group set a $100.00 price objective on shares of Customers Bancorp in a research report on Monday, January 26th. Weiss Ratings upgraded Customers Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday. Zacks Research raised Customers Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, January 26th. Finally, TD Cowen reissued a "buy" rating on shares of Customers Bancorp in a report on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $88.00.

Customers Bancorp Stock Up 0.8%

Shares of CUBI opened at $70.23 on Thursday. The business's 50 day moving average is $75.10 and its 200 day moving average is $70.59. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.76. Customers Bancorp, Inc has a 12-month low of $40.75 and a 12-month high of $82.56. The company has a market capitalization of $2.40 billion, a PE ratio of 11.33 and a beta of 1.66.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.02. The business had revenue of $236.90 million during the quarter, compared to analyst estimates of $200.38 million. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. During the same period last year, the firm posted $1.36 EPS. Research analysts expect that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

Customers Bancorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Customers Bancorp Company 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.

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