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

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Customers Bancorp, Inc by 22.5%, now owning approximately 0.71% of the company, valued at $13.2 million.
• Various institutional investors, including Wealth Enhancement Advisory Services and Voya Investment Management, have made notable changes to their positions in the bank, which now has 89.29% of its stock owned by institutional investors.
• Customers Bancorp posted better-than-expected quarterly earnings with $1.80 EPS versus a consensus of $1.50, and reported revenue of $206.31 million, exceeding estimates by $35.5 million.

Assenagon Asset Management S.A. reduced its position in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 22.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 225,537 shares of the bank's stock after selling 65,499 shares during the period. Assenagon Asset Management S.A. owned about 0.71% of Customers Bancorp worth $13,248,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Customers Bancorp during the 2nd quarter valued at approximately $239,000. Voya Investment Management LLC raised its position in shares of Customers Bancorp by 30.9% during the 1st quarter. Voya Investment Management LLC now owns 24,741 shares of the bank's stock valued at $1,242,000 after acquiring an additional 5,835 shares in the last quarter. Militia Capital Partners LP raised its position in shares of Customers Bancorp by 255.6% during the 1st quarter. Militia Capital Partners LP now owns 16,000 shares of the bank's stock valued at $803,000 after acquiring an additional 11,500 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Customers Bancorp by 20.3% during the 1st quarter. Intech Investment Management LLC now owns 67,262 shares of the bank's stock valued at $3,377,000 after acquiring an additional 11,346 shares in the last quarter. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Customers Bancorp during the 1st quarter valued at approximately $37,000. 89.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on CUBI shares. B. Riley upped their price objective on Customers Bancorp from $82.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. DA Davidson upped their price objective on Customers Bancorp from $69.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Wall Street Zen upgraded Customers Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods upped their price objective on Customers Bancorp from $71.00 to $76.00 and gave the stock a "market perform" rating in a research note on Friday, September 5th. Finally, Stephens upped their price objective on Customers Bancorp from $55.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $69.88.

Customers Bancorp Trading Up 0.1%

NYSE CUBI opened at $66.59 on Tuesday. Customers Bancorp, Inc has a 12 month low of $40.75 and a 12 month high of $72.51. The stock has a 50-day simple moving average of $66.15 and a 200 day simple moving average of $56.92. The company has a market capitalization of $2.11 billion, a PE ratio of 16.48 and a beta of 1.62. 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 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 prior year, the company earned $1.49 earnings per share. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts forecast that Customers Bancorp, Inc will post 6.45 EPS for the current year.

Customers Bancorp 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.

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