Assenagon Asset Management S.A. Has $18.19 Million Stock Position in Customers Bancorp, Inc $CUBI

Assenagon Asset Management S.A. lowered its stake in Customers Bancorp, Inc (NYSE:CUBI) by 14.5% during the fourth quarter, HoldingsChannel reports. The firm owned 248,802 shares of the bank’s stock after selling 42,117 shares during the period. Assenagon Asset Management S.A.’s holdings in Customers Bancorp were worth $18,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Anatole Investment Management Ltd purchased a new stake in Customers Bancorp during the second quarter valued at about $17,593,000. Millennium Management LLC increased its position in shares of Customers Bancorp by 448.8% in the third quarter. Millennium Management LLC now owns 327,784 shares of the bank’s stock worth $21,427,000 after acquiring an additional 268,056 shares in the last quarter. Emerald Advisers LLC purchased a new position in shares of Customers Bancorp in the third quarter worth approximately $15,150,000. Balyasny Asset Management L.P. raised its holdings in shares of Customers Bancorp by 3,173.3% during the third quarter. Balyasny Asset Management L.P. now owns 158,429 shares of the bank’s stock valued at $10,357,000 after acquiring an additional 153,589 shares during the period. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Customers Bancorp during the third quarter valued at approximately $9,481,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CUBI shares. TD Cowen reaffirmed a “buy” rating on shares of Customers Bancorp in a research note on Monday, January 26th. Maxim Group set a $100.00 target price on shares of Customers Bancorp in a research note on Monday, January 26th. Raymond James Financial restated a “strong-buy” rating and issued a $95.00 target price on shares of Customers Bancorp in a report on Tuesday, January 6th. Zacks Research cut Customers Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Customers Bancorp in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Customers Bancorp has an average rating of “Moderate Buy” and a consensus price target of $87.67.

Customers Bancorp Stock Performance

Shares of CUBI stock opened at $68.91 on Friday. Customers Bancorp, Inc has a fifty-two week low of $40.75 and a fifty-two week high of $82.56. The stock’s 50-day moving average is $72.11 and its two-hundred day moving average is $70.33. 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 market cap of $2.36 billion, a P/E ratio of 11.12 and a beta of 1.66.

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

Customers Bancorp declared that its Board of Directors has approved a stock buyback program on Wednesday, February 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Customers Bancorp Profile

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.