Geode Capital Management LLC Increases Stock Holdings in The Bancorp, Inc. (NASDAQ:TBBK)

Geode Capital Management LLC grew its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 0.5% during the third quarter, Holdings Channel reports. The firm owned 1,362,668 shares of the bank’s stock after purchasing an additional 6,459 shares during the period. Geode Capital Management LLC’s holdings in Bancorp were worth $72,914,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Raymond James & Associates acquired a new stake in Bancorp during the 2nd quarter worth $1,218,000. Bailard Inc. increased its position in shares of Bancorp by 3.0% during the second quarter. Bailard Inc. now owns 23,682 shares of the bank’s stock worth $894,000 after purchasing an additional 700 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Bancorp by 65.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 17,646 shares of the bank’s stock valued at $666,000 after purchasing an additional 7,009 shares during the last quarter. Legend Financial Advisors Inc. boosted its position in shares of Bancorp by 2.1% in the 2nd quarter. Legend Financial Advisors Inc. now owns 18,200 shares of the bank’s stock valued at $687,000 after purchasing an additional 380 shares during the period. Finally, Whittier Trust Co. grew its stake in Bancorp by 6.0% during the 2nd quarter. Whittier Trust Co. now owns 261,798 shares of the bank’s stock worth $9,883,000 after buying an additional 14,884 shares during the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

Insider Activity

In other news, EVP Thomas G. Pareigat sold 5,466 shares of Bancorp stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the sale, the executive vice president now owns 73,114 shares of the company’s stock, valued at $3,584,779.42. The trade was a 6.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Cohn purchased 545 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were purchased at an average price of $50.11 per share, for a total transaction of $27,309.95. Following the completion of the purchase, the director now owns 56,636 shares of the company’s stock, valued at approximately $2,838,029.96. This trade represents a 0.97 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 26,983 shares of company stock valued at $1,345,366. Company insiders own 5.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday.

Bancorp Trading Up 2.6 %

NASDAQ TBBK opened at $53.31 on Friday. The firm’s fifty day moving average is $55.24 and its two-hundred day moving average is $49.06. The Bancorp, Inc. has a one year low of $29.92 and a one year high of $61.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.88. The firm has a market cap of $2.56 billion, a PE ratio of 13.46 and a beta of 1.48.

Bancorp (NASDAQ:TBBK) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.08). Bancorp had a net margin of 30.97% and a return on equity of 26.63%. The company had revenue of $125.84 million during the quarter, compared to analyst estimates of $131.34 million. During the same quarter last year, the firm earned $0.92 EPS. Analysts expect that The Bancorp, Inc. will post 4.3 earnings per share for the current year.

About Bancorp

The Bancorp, Inc operates as the bank holding company for The Bancorp Bank, National Association that provides banking products and services in the United States. It offers a range of deposit products and services, including checking, savings, time, money market, and commercial accounts; overdrafts; and certificates of deposit.