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

Assenagon Asset Management S.A. grew its stake in Customers Bancorp, Inc. (NYSE:CUBI) by 88.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 479,739 shares of the bank’s stock after acquiring an additional 225,785 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Customers Bancorp were worth $22,284,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new stake in Customers Bancorp in the 2nd quarter worth approximately $48,000. GAMMA Investing LLC boosted its stake in Customers Bancorp by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,580 shares of the bank’s stock worth $73,000 after buying an additional 282 shares during the last quarter. Innealta Capital LLC purchased a new stake in Customers Bancorp in the 2nd quarter valued at about $74,000. CWM LLC increased its stake in shares of Customers Bancorp by 14.2% during the 3rd quarter. CWM LLC now owns 2,198 shares of the bank’s stock valued at $102,000 after acquiring an additional 274 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Customers Bancorp during the 2nd quarter worth about $151,000. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Customers Bancorp Price Performance

CUBI stock opened at $44.43 on Friday. The company has a market capitalization of $1.40 billion, a PE ratio of 6.21 and a beta of 1.61. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.75. The stock’s 50 day moving average is $47.55 and its two-hundred day moving average is $49.03. Customers Bancorp, Inc. has a 52-week low of $32.39 and a 52-week 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 for the quarter, topping the consensus estimate of $1.43 by $0.06. Customers Bancorp had a net margin of 17.38% and a return on equity of 17.09%. The company had revenue of $198.69 million during the quarter, compared to the consensus estimate of $184.40 million. During the same quarter in the previous year, the firm earned $1.65 EPS. The company’s revenue was up 3.9% on a year-over-year basis. Analysts predict that Customers Bancorp, Inc. will post 6.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Samvir S. Sidhu acquired 2,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average price of $45.53 per share, for a total transaction of $113,825.00. Following the completion of the purchase, the chief executive officer now directly owns 144,504 shares of the company’s stock, valued at $6,579,267.12. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.92% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. DA Davidson boosted their target price on shares of Customers Bancorp from $71.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 29th. Raymond James dropped their price objective on Customers Bancorp from $80.00 to $70.00 and set a “strong-buy” rating for the company in a report on Wednesday, October 2nd. Jefferies Financial Group reduced their target price on Customers Bancorp from $59.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Wedbush cut Customers Bancorp from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $79.00 to $53.00 in a report on Tuesday, September 24th. Finally, Hovde Group downgraded Customers Bancorp from an “outperform” rating to a “market perform” rating and set a $49.00 price target for the company. in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.

Customers Bancorp 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.