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

Key Points

• Assenagon Asset Management reduced its Customers Bancorp stake by 44.1% in the third quarter, selling 257,397 shares and retaining 326,171 shares valued at approximately $24.1 million. Institutional investors collectively own 89.29% of CUBI.
• CUBI shares opened at $74.74, with a market capitalization of $2.52 billion and a 52-week range of $60.41 to $84.38. The bank’s latest reported quarterly earnings of $2.05 per share exceeded analysts’ $2.00 estimate, while revenue rose 10.2% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $90.82, despite mixed opinions ranging from Morgan Stanley’s “underweight” rating to several “buy” and “overweight” recommendations.

Assenagon Asset Management S.A. decreased its holdings in shares of Customers Bancorp, Inc (NYSE:CUBI - Free Report) by 44.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 326,171 shares of the bank's stock after selling 257,397 shares during the period. Assenagon Asset Management S.A. owned approximately 0.97% of Customers Bancorp worth $24,137,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new stake in shares of Customers Bancorp during the 2nd quarter worth approximately $40,000. Bessemer Group Inc. boosted its position in Customers Bancorp by 78.4% during the first quarter. Bessemer Group Inc. now owns 528 shares of the bank's stock worth $37,000 after purchasing an additional 232 shares in the last quarter. Versant Capital Management Inc grew its holdings in Customers Bancorp by 41.0% in the second quarter. Versant Capital Management Inc now owns 561 shares of the bank's stock valued at $44,000 after purchasing an additional 163 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Customers Bancorp in the second quarter valued at $71,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of Customers Bancorp by 528.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,445 shares of the bank's stock valued at $106,000 after buying an additional 1,215 shares in the last quarter. 89.29% of the stock is currently owned by hedge funds and other institutional investors.

Customers Bancorp Trading Down 0.1%

CUBI stock opened at $74.74 on Monday. The company has a market cap of $2.52 billion, a price-to-earnings ratio of 9.11 and a beta of 1.52. 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 business has a fifty day simple moving average of $77.91 and a 200-day simple moving average of $76.87. Customers Bancorp, Inc has a 52 week low of $60.41 and a 52 week high of $84.38.

Customers Bancorp (NYSE:CUBI - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.00 by $0.05. Customers Bancorp had a return on equity of 13.80% and a net margin of 19.07%. The firm had revenue of $227.28 million for the quarter, compared to analysts' expectations of $229.24 million. During the same quarter last year, the firm earned $1.80 earnings per share. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities research analysts expect that Customers Bancorp, Inc will post 8.43 EPS for the current year.

Insider Transactions at Customers Bancorp

In other Customers Bancorp news, Chairman Jay Sidhu sold 68,821 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $80.09, for a total transaction of $5,511,873.89. Following the completion of the sale, the chairman directly owned 667,757 shares in the company, valued at $53,480,658.13. The trade was a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 100,000 shares of company stock worth $7,981,084 in the last ninety days. 10.45% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CUBI has been the topic of a number of research reports. Morgan Stanley cut shares of Customers Bancorp from an "equal weight" rating to an "underweight" rating and increased their price objective for the company from $88.00 to $89.00 in a research note on Tuesday, September 8th. Weiss Ratings restated a "buy (b)" rating on shares of Customers Bancorp in a research report on Friday, September 25th. DA Davidson upped their target price on Customers Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Piper Sandler boosted their price target on Customers Bancorp from $86.00 to $92.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Finally, JPMorgan Chase & Co. reduced their price objective on Customers Bancorp from $96.00 to $92.00 and set an "overweight" rating on the stock in a research report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Customers Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.82.

Customers Bancorp Profile

Customers Bancorp, Inc is a bank holding company whose principal subsidiary, Customers Bank, provides commercial and consumer banking services. The bank offers deposit accounts, commercial and residential real estate lending, business loans, equipment financing, consumer loans and other credit products. It also provides treasury management, payment and cash-management services for business and institutional customers.

Customers Bank focuses on serving small and mid-sized businesses, entrepreneurs, professionals, consumers and select institutional clients.

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