Customers Bancorp, Inc $CUBI Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its stake in Customers Bancorp by 213% in the first quarter, ending with 778,789 shares valued at about $54.1 million.
• Customers Bancorp reported better-than-expected first-quarter results, with EPS of $1.97 versus estimates of $1.88 and revenue up 57.9% from a year earlier.
• Recent insider and analyst activity was mixed: CEO Samvir S. Sidhu bought shares while an EVP sold shares, and Wall Street currently rates the stock a Moderate Buy with a consensus target price of $87.50.

Assenagon Asset Management S.A. grew its holdings in Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 213.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 778,789 shares of the bank's stock after buying an additional 529,987 shares during the period. Assenagon Asset Management S.A. owned 2.31% of Customers Bancorp worth $54,056,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Customers Bancorp by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 2,221,339 shares of the bank's stock worth $162,424,000 after purchasing an additional 66,031 shares during the period. State Street Corp raised its holdings in Customers Bancorp by 1.8% during the fourth quarter. State Street Corp now owns 1,832,570 shares of the bank's stock worth $133,998,000 after purchasing an additional 32,449 shares in the last quarter. American Century Companies Inc. raised its holdings in Customers Bancorp by 7.9% during the third quarter. American Century Companies Inc. now owns 945,825 shares of the bank's stock worth $61,829,000 after purchasing an additional 69,200 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Customers Bancorp by 3,074.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,596 shares of the bank's stock valued at $63,732,000 after purchasing an additional 844,141 shares during the period. Finally, Geode Capital Management LLC lifted its position in Customers Bancorp by 9.2% in the fourth quarter. Geode Capital Management LLC now owns 757,845 shares of the bank's stock valued at $55,423,000 after purchasing an additional 63,984 shares during the period. Institutional investors and hedge funds own 89.29% of the company's stock.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $79.36 on Friday. The stock has a fifty day moving average price of $75.79 and a 200 day moving average price of $74.04. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $2.68 billion, a PE ratio of 10.07 and a beta of 1.49. Customers Bancorp, Inc has a 1 year low of $57.17 and a 1 year high of $82.56.

Customers Bancorp (NYSE:CUBI - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.09. The company had revenue of $225.40 million for the quarter, compared to analyst estimates of $223.51 million. Customers Bancorp had a return on equity of 14.12% and a net margin of 18.63%.Customers Bancorp's revenue was up 57.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.54 earnings per share. Sell-side analysts forecast that Customers Bancorp, Inc will post 8.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Customers Bancorp

In related news, CEO Samvir S. Sidhu bought 1,000 shares of Customers Bancorp stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average price of $72.58 per share, with a total value of $72,580.00. Following the purchase, the chief executive officer owned 521,714 shares in the company, valued at $37,866,002.12. This represents a 0.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Philip Watkins sold 3,000 shares of the stock in a transaction on Monday, May 11th. The shares were 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 in the company, valued at approximately $3,328,950.31. This trade represents a 6.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 10.45% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CUBI has been the topic of several recent analyst reports. DA Davidson boosted their target price on Customers Bancorp from $91.00 to $93.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Zacks Research downgraded Customers Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 10th. Stephens raised Customers Bancorp from an "underweight" rating to an "equal weight" rating and set a $71.00 price target for the company in a report on Monday, March 16th. Weiss Ratings upgraded Customers Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 2nd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $86.00 price objective (up from $82.00) on shares of Customers Bancorp in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.50.

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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