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

Assenagon Asset Management S.A. reduced its holdings in Customers Bancorp, Inc. (NYSE:CUBI - Free Report) by 12.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 420,766 shares of the bank's stock after selling 58,973 shares during the period. Assenagon Asset Management S.A. owned approximately 1.34% of Customers Bancorp worth $20,483,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CUBI. Hood River Capital Management LLC increased its position in Customers Bancorp by 94.3% during the second quarter. Hood River Capital Management LLC now owns 549,063 shares of the bank's stock valued at $26,344,000 after acquiring an additional 266,462 shares during the last quarter. State Street Corp raised its position in Customers Bancorp by 10.5% in the 3rd quarter. State Street Corp now owns 1,781,976 shares of the bank's stock worth $82,773,000 after purchasing an additional 169,982 shares during the period. Wolverine Asset Management LLC bought a new stake in Customers Bancorp in the third quarter worth about $3,470,000. Sei Investments Co. boosted its position in shares of Customers Bancorp by 53.1% during the second quarter. Sei Investments Co. now owns 132,048 shares of the bank's stock valued at $6,336,000 after buying an additional 45,818 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in Customers Bancorp in the second quarter worth $1,579,000. 89.29% of the stock is currently owned by institutional investors.

Customers Bancorp Stock Up 1.7 %

Shares of CUBI stock traded up $0.86 during trading hours on Friday, reaching $49.84. 297,188 shares of the company's stock were exchanged, compared to its average volume of 316,336. Customers Bancorp, Inc. has a fifty-two week low of $42.31 and a fifty-two week high of $68.49. The stock's 50 day moving average is $51.83 and its 200-day moving average is $50.90. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 8.09 and a beta of 1.68.

Customers Bancorp (NYSE:CUBI - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The bank reported $1.34 EPS for the quarter, missing analysts' consensus estimates of $1.43 by ($0.09). Customers Bancorp had a net margin of 15.22% and a return on equity of 13.55%. The business had revenue of $167.10 million during the quarter, compared to analysts' expectations of $191.61 million. During the same quarter last year, the business posted $2.59 earnings per share. The company's quarterly revenue was down 23.2% compared to the same quarter last year. Analysts predict that Customers Bancorp, Inc. will post 5.63 earnings per share for the current fiscal year.

Insider Activity at Customers Bancorp

In other news, CEO Jay S. Sidhu sold 86,578 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $56.54, for a total value of $4,895,120.12. Following the completion of the sale, the chief executive officer now directly owns 1,090,598 shares in the company, valued at $61,662,410.92. The trade was a 7.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Glenn Hedde sold 5,002 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.68, for a total transaction of $268,507.36. Following the completion of the sale, the insider now directly owns 66,256 shares of the company's stock, valued at approximately $3,556,622.08. The trade was a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,440 shares of company stock worth $5,425,815 in the last three months. Company insiders own 6.92% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on CUBI. Keefe, Bruyette & Woods upped their target price on shares of Customers Bancorp from $52.00 to $62.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Wedbush lowered Customers Bancorp from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $79.00 to $53.00 in a research report on Tuesday, September 24th. StockNews.com raised Customers Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, December 1st. Raymond James lowered their price objective on shares of Customers Bancorp from $80.00 to $70.00 and set a "strong-buy" rating for the company in a research note on Wednesday, October 2nd. Finally, Piper Sandler cut their target price on shares of Customers Bancorp from $61.00 to $55.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Customers Bancorp presently has an average rating of "Moderate Buy" and an average price target of $62.22.

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.