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

Assenagon Asset Management S.A. decreased its position in Customers Bancorp, Inc (NYSE:CUBI) by 14.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 248,802 shares of the bank’s stock after selling 42,117 shares during the period. Assenagon Asset Management S.A. owned approximately 0.73% of Customers Bancorp worth $18,192,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CUBI. Anatole Investment Management Ltd acquired a new stake in Customers Bancorp in the 2nd quarter valued at approximately $17,593,000. Millennium Management LLC raised its stake in Customers Bancorp by 448.8% during the 3rd quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock valued at $21,427,000 after acquiring an additional 268,056 shares in the last quarter. Emerald Advisers LLC acquired a new position in Customers Bancorp during the 3rd quarter worth $15,150,000. Balyasny Asset Management L.P. boosted its position in Customers Bancorp by 3,173.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 158,429 shares of the bank’s stock worth $10,357,000 after acquiring an additional 153,589 shares during the period. Finally, Emerald Mutual Fund Advisers Trust bought a new position in shares of Customers Bancorp in the third quarter worth $9,481,000. Institutional investors own 89.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Customers Bancorp from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. Wall Street Zen lowered shares of Customers Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, January 25th. Maxim Group set a $100.00 target price on shares of Customers Bancorp in a research note on Monday, January 26th. JPMorgan Chase & Co. began coverage on shares of Customers Bancorp in a research report on Friday, March 6th. They set an “overweight” rating and a $90.00 price target on the stock. Finally, Zacks Research lowered shares of Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.67.

Customers Bancorp Stock Down 0.7%

CUBI stock opened at $68.91 on Friday. The firm has a market cap of $2.36 billion, a PE ratio of 11.12 and a beta of 1.66. Customers Bancorp, Inc has a 12 month low of $40.75 and a 12 month high of $82.56. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $72.11 and a 200 day simple moving average of $70.33.

Customers Bancorp (NYSE:CUBI) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.02. The firm had revenue of $236.90 million for the quarter, compared to analyst estimates of $200.38 million. Customers Bancorp had a net margin of 15.15% and a return on equity of 14.05%. During the same quarter in the previous year, the business posted $1.36 earnings per share. Equities research analysts forecast that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

Customers Bancorp announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

About Customers Bancorp

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.