Assenagon Asset Management S.A. Reduces Stake in Customers Bancorp, Inc $CUBI

Key Points

• Assenagon Asset Management reduced its Customers Bancorp stake by 25.1% in the second quarter, selling 195,221 shares and retaining 583,568 shares valued at approximately $46.2 million. Institutional investors and hedge funds collectively own 89.29% of CUBI.
• Customers Bancorp reported quarterly EPS of $2.05, beating estimates by $0.05, while revenue rose 10.2% year over year to $227.28 million. Shares opened at $82.11, near their 52-week high of $83.95.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $90.69. Recent targets range from $89 to $100.

Assenagon Asset Management S.A. decreased its holdings in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 25.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 583,568 shares of the bank's stock after selling 195,221 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.73% of Customers Bancorp worth $46,160,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Customers Bancorp by 3,074.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank's stock valued at $63,732,000 after buying an additional 844,141 shares in the last quarter. Anatole Investment Management Ltd acquired a new stake in shares of Customers Bancorp during the second quarter worth about $17,593,000. Millennium Management LLC increased its position in shares of Customers Bancorp by 448.8% during the third quarter. Millennium Management LLC now owns 327,784 shares of the bank's stock worth $21,427,000 after purchasing an additional 268,056 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Customers Bancorp by 247,273.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 222,636 shares of the bank's stock valued at $16,279,000 after purchasing an additional 222,546 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Customers Bancorp by 3,173.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 158,429 shares of the bank's stock valued at $10,357,000 after purchasing an additional 153,589 shares during the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

Customers Bancorp Stock Up 0.1%

Shares of NYSE:CUBI opened at $82.11 on Friday. Customers Bancorp, Inc has a fifty-two week low of $59.34 and a fifty-two week high of $83.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.01. The firm's 50-day simple moving average is $77.47 and its 200-day simple moving average is $74.70. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 10.01 and a beta of 1.49.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.05. The firm had revenue of $227.28 million during the quarter, compared to analysts' expectations of $229.24 million. Customers Bancorp had a net margin of 19.07% and a return on equity of 13.80%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.80 earnings per share. As a group, equities research analysts predict that Customers Bancorp, Inc will post 8.43 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CUBI shares. DA Davidson raised their price target on Customers Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. JPMorgan Chase & Co. boosted their price objective on Customers Bancorp from $86.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Customers Bancorp in a report on Monday, June 29th. Keefe, Bruyette & Woods raised their target price on shares of Customers Bancorp from $88.00 to $89.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Finally, Fundamental Research set a $94.00 target price on shares of Customers Bancorp in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $90.69.

Insiders Place Their Bets

In other Customers Bancorp news, EVP Philip Watkins sold 3,000 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $75.67, for a total transaction of $227,010.00. Following the transaction, the executive vice president directly owned 43,993 shares in the company, valued at approximately $3,328,950.31. This represents a 6.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Samvir S. Sidhu purchased 1,000 shares of Customers Bancorp stock in a transaction dated Tuesday, May 12th. The shares were bought 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. This trade represents a 0.19% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders sold 163,315 shares of company stock worth $12,805,906. 10.45% of the stock is owned by corporate insiders.

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.

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