Bancorp (NASDAQ:TBBK) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Bancorp (NASDAQ:TBBK) from a sell rating to a hold rating in a report issued on Friday.

Several other analysts have also issued reports on TBBK. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $55.00 target price (up from $46.00) on shares of Bancorp in a report on Monday, July 29th. Piper Sandler raised their target price on shares of Bancorp from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, July 29th.

Bancorp Trading Up 0.9 %

Shares of NASDAQ:TBBK opened at $55.68 on Friday. Bancorp has a 12-month low of $29.92 and a 12-month high of $59.46. The business has a 50 day moving average of $52.95 and a 200-day moving average of $45.17. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $2.67 billion, a PE ratio of 14.06 and a beta of 1.46.

Bancorp (NASDAQ:TBBK) last released its quarterly earnings results 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). Bancorp had a return on equity of 26.63% and a net margin of 30.97%. The firm had revenue of $125.84 million for the quarter, compared to analyst estimates of $131.34 million. During the same period in the previous year, the business posted $0.92 earnings per share. As a group, equities research analysts forecast that Bancorp will post 4.3 earnings per share for the current year.

Insider Buying and Selling at Bancorp

In other Bancorp news, CMO Maria Wainwright sold 11,357 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $50.08, for a total value of $568,758.56. Following the sale, the chief marketing officer now owns 23,291 shares in the company, valued at $1,166,413.28. This trade represents a 32.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew Cohn purchased 545 shares of the stock in a transaction dated Tuesday, October 29th. The shares were bought at an average price of $50.11 per share, with a total value of $27,309.95. Following the completion of the acquisition, the director now directly owns 56,636 shares of the company’s stock, valued at approximately $2,838,029.96. This represents a 0.97 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 26,983 shares of company stock valued at $1,345,366. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bancorp

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Bancorp by 60.5% in the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock worth $29,000 after purchasing an additional 291 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Bancorp by 72.3% in the third quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock valued at $34,000 after buying an additional 263 shares during the period. Point72 DIFC Ltd bought a new position in Bancorp in the 3rd quarter valued at approximately $54,000. EverSource Wealth Advisors LLC raised its holdings 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 buying an additional 1,272 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its position in Bancorp by 114.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,389 shares of the bank’s stock worth $74,000 after buying an additional 741 shares during the period. Institutional investors and hedge funds own 96.22% of the company’s stock.

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.