Bancorp (NASDAQ:TBBK) Shares Gap Down After Earnings Miss

Shares of The Bancorp, Inc. (NASDAQ:TBBK) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $54.96, but opened at $50.00. Bancorp shares last traded at $48.20, with a volume of 350,917 shares.

The bank reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.08). Bancorp had a net margin of 31.52% and a return on equity of 26.81%. The company had revenue of $125.84 million for the quarter, compared to analysts’ expectations of $131.34 million. During the same quarter in the previous year, the company posted $0.92 EPS.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TBBK. Piper Sandler increased their price target on Bancorp from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $55.00 price target (up previously from $46.00) on shares of Bancorp in a report on Monday, July 29th. Finally, StockNews.com lowered Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 30th.

Hedge Funds Weigh In On Bancorp

Several hedge funds have recently bought and sold shares of TBBK. GAMMA Investing LLC grew its position in Bancorp by 60.5% in the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock valued at $29,000 after acquiring an additional 291 shares during the last quarter. Blue Trust Inc. grew its position in Bancorp by 72.3% in the 3rd quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock valued at $34,000 after acquiring an additional 263 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Bancorp by 345.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,640 shares of the bank’s stock valued at $55,000 after acquiring an additional 1,272 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new position in shares of Bancorp during the 2nd quarter worth $216,000. Finally, Arcus Capital Partners LLC bought a new position in shares of Bancorp during the 1st quarter worth $221,000. Institutional investors own 96.22% of the company’s stock.

Bancorp Stock Down 14.5 %

The company has a current ratio of 0.88, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $52.17 and a 200-day moving average price of $42.85. The firm has a market cap of $2.30 billion, a P/E ratio of 12.24 and a beta of 1.45.

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.