Principal Financial Group Inc. Has $15.78 Million Stake in The Bancorp, Inc. (NASDAQ:TBBK)

Principal Financial Group Inc. lessened its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 294,861 shares of the bank’s stock after selling 4,207 shares during the quarter. Principal Financial Group Inc. owned about 0.62% of Bancorp worth $15,775,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Penserra Capital Management LLC bought a new position in Bancorp in the 3rd quarter valued at about $514,000. Lord Abbett & CO. LLC raised its holdings in shares of Bancorp by 23.1% in the third quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock valued at $16,223,000 after purchasing an additional 56,959 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Bancorp by 7.0% during the second quarter. Victory Capital Management Inc. now owns 391,290 shares of the bank’s stock valued at $14,775,000 after purchasing an additional 25,731 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Bancorp during the second quarter worth about $391,000. Finally, Raymond James & Associates increased its stake in Bancorp by 55.9% in the 3rd quarter. Raymond James & Associates now owns 50,276 shares of the bank’s stock valued at $2,690,000 after buying an additional 18,027 shares during the last quarter. Institutional investors and hedge funds own 96.22% of the company’s stock.

Analyst Upgrades and Downgrades

TBBK has been the topic of a number of research analyst reports. Piper Sandler boosted their target price on Bancorp from $61.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, December 23rd. StockNews.com lowered Bancorp from a “hold” rating to a “sell” rating in a research report on Friday.

Insider Activity at Bancorp

In related news, EVP Thomas G. Pareigat sold 5,466 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the transaction, the executive vice president now directly owns 73,114 shares in the company, valued at approximately $3,584,779.42. This represents a 6.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matthew J. Wallace sold 10,160 shares of Bancorp stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $50.06, for a total transaction of $508,609.60. Following the sale, the executive vice president now owns 74,798 shares of the company’s stock, valued at approximately $3,744,387.88. The trade was a 11.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,983 shares of company stock worth $1,345,366. Corporate insiders own 5.20% of the company’s stock.

Bancorp Price Performance

Shares of NASDAQ TBBK opened at $53.58 on Friday. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 13.53 and a beta of 1.48. The stock has a fifty day simple moving average of $54.94 and a two-hundred day simple moving average of $49.66. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 0.18. The Bancorp, Inc. has a 1-year low of $29.92 and a 1-year high of $61.17.

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

Bancorp Company Profile

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.