Customers Bancorp, Inc. (NYSE:CUBI) Stake Cut by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its holdings in Customers Bancorp, Inc. (NYSE:CUBI - Free Report) by 60.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,135 shares of the bank's stock after selling 111,034 shares during the period. Assenagon Asset Management S.A. owned about 0.23% of Customers Bancorp worth $3,827,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CUBI. GAMMA Investing LLC purchased a new stake in shares of Customers Bancorp during the 4th quarter worth about $78,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of Customers Bancorp during the 3rd quarter worth about $112,000. Federated Hermes Inc. raised its stake in shares of Customers Bancorp by 29,550.0% during the 3rd quarter. Federated Hermes Inc. now owns 3,558 shares of the bank's stock worth $123,000 after purchasing an additional 3,546 shares in the last quarter. Aigen Investment Management LP purchased a new stake in shares of Customers Bancorp during the 4th quarter worth about $209,000. Finally, Coldstream Capital Management Inc. bought a new position in shares of Customers Bancorp in the 4th quarter valued at approximately $218,000. 89.29% of the stock is owned by hedge funds and other institutional investors.

Customers Bancorp Stock Performance

CUBI traded down $1.08 during midday trading on Monday, reaching $47.75. The company's stock had a trading volume of 211,586 shares, compared to its average volume of 305,822. The stock has a market cap of $1.50 billion, a P/E ratio of 6.67 and a beta of 1.67. The company has a fifty day simple moving average of $49.64 and a 200 day simple moving average of $50.64. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89. Customers Bancorp, Inc. has a twelve month low of $21.58 and a twelve month high of $60.09.

Customers Bancorp (NYSE:CUBI - Get Free Report) last announced its quarterly earnings data on Friday, April 26th. The bank reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.05. Customers Bancorp had a return on equity of 18.17% and a net margin of 16.88%. The company had revenue of $181.62 million for the quarter, compared to analyst estimates of $183.48 million. During the same quarter last year, the firm earned $1.58 EPS. Customers Bancorp's revenue for the quarter was up 8.1% compared to the same quarter last year. Research analysts expect that Customers Bancorp, Inc. will post 6.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wedbush cut their price objective on Customers Bancorp from $63.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, April 26th. Hovde Group cut their price objective on Customers Bancorp from $66.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday, May 2nd. Jefferies Financial Group raised their price objective on Customers Bancorp from $61.00 to $64.00 and gave the company a "buy" rating in a research note on Monday, April 8th. B. Riley raised their price objective on Customers Bancorp from $62.00 to $77.00 and gave the company a "buy" rating in a research note on Monday, January 29th. Finally, Raymond James raised their price objective on Customers Bancorp from $65.00 to $72.00 and gave the company a "strong-buy" rating in a research note on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.50.

Insider Transactions at Customers Bancorp

In other news, insider Glenn Hedde sold 666 shares of Customers Bancorp stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $54.20, for a total transaction of $36,097.20. Following the sale, the insider now owns 69,428 shares of the company's stock, valued at approximately $3,762,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Carla A. Leibold sold 35,832 shares of the business's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $53.15, for a total value of $1,904,470.80. Following the sale, the chief financial officer now owns 41,224 shares of the company's stock, valued at approximately $2,191,055.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Glenn Hedde sold 666 shares of the business's stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $54.20, for a total value of $36,097.20. Following the completion of the sale, the insider now directly owns 69,428 shares in the company, valued at approximately $3,762,997.60. The disclosure for this sale can be found here. 6.92% of the stock is owned by insiders.

About Customers Bancorp

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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