Assenagon Asset Management S.A. Grows Position in Customers Bancorp, Inc. (NYSE:CUBI)

Assenagon Asset Management S.A. boosted its position in shares of Customers Bancorp, Inc. (NYSE:CUBI) by 88.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 479,739 shares of the bank’s stock after purchasing an additional 225,785 shares during the period. Assenagon Asset Management S.A. owned approximately 1.52% of Customers Bancorp worth $22,284,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Hood River Capital Management LLC lifted its stake in Customers Bancorp by 94.3% during the 2nd quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank’s stock worth $26,344,000 after acquiring an additional 266,462 shares in the last quarter. Peregrine Capital Management LLC acquired a new stake in Customers Bancorp in the second quarter valued at $7,690,000. Vanguard Group Inc. boosted its position in shares of Customers Bancorp by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 2,186,920 shares of the bank’s stock worth $116,038,000 after acquiring an additional 111,654 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Customers Bancorp by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 686,825 shares of the bank’s stock valued at $32,954,000 after acquiring an additional 87,557 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Customers Bancorp during the 1st quarter worth about $4,266,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Samvir S. Sidhu purchased 2,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $45.53 per share, for a total transaction of $113,825.00. Following the acquisition, the chief executive officer now directly owns 144,504 shares in the company, valued at approximately $6,579,267.12. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.92% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CUBI. DA Davidson increased their target price on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods cut their target price on Customers Bancorp from $76.00 to $63.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Raymond James decreased their target price on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a research report on Wednesday, October 2nd. B. Riley lifted their price target on Customers Bancorp from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Wedbush downgraded Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $79.00 to $53.00 in a report on Tuesday, September 24th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Customers Bancorp Stock Down 2.4 %

Customers Bancorp stock opened at $44.43 on Friday. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 6.21 and a beta of 1.61. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The stock has a 50 day moving average of $47.55 and a two-hundred day moving average of $49.03. Customers Bancorp, Inc. has a twelve month low of $32.39 and a twelve month high of $68.49.

Customers Bancorp (NYSE:CUBI) last released its earnings results on Thursday, July 25th. The bank reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.06. Customers Bancorp had a return on equity of 17.09% and a net margin of 17.38%. The company had revenue of $198.69 million for the quarter, compared to analysts’ expectations of $184.40 million. During the same quarter in the previous year, the firm posted $1.65 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, research analysts expect that Customers Bancorp, Inc. will post 6.11 earnings per share for the current year.

Customers Bancorp Company 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.