Quest Partners LLC Sells 4,762 Shares of The Bancorp, Inc. (NASDAQ:TBBK)

Quest Partners LLC reduced its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 28.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 11,961 shares of the bank’s stock after selling 4,762 shares during the quarter. Quest Partners LLC’s holdings in Bancorp were worth $640,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in Bancorp by 60.5% in the second quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock worth $29,000 after purchasing an additional 291 shares during the period. Blue Trust Inc. raised its stake in shares of Bancorp by 72.3% during the third quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock worth $34,000 after buying an additional 263 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Bancorp by 345.7% in the first 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 period. US Bancorp DE bought a new position in Bancorp in the third quarter valued at approximately $83,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in Bancorp during the 2nd quarter worth $216,000. Institutional investors and hedge funds own 96.22% of the company’s stock.

Bancorp Price Performance

TBBK opened at $57.42 on Friday. The stock has a market cap of $2.75 billion, a P/E ratio of 14.48 and a beta of 1.46. The Bancorp, Inc. has a 12 month low of $29.92 and a 12 month high of $59.46. 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 company has a fifty day simple moving average of $53.55 and a 200 day simple moving average of $45.64.

Bancorp (NASDAQ:TBBK) last announced 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 return on equity of 26.63% and a net margin of 30.97%. The business had revenue of $125.84 million during the quarter, compared to the consensus estimate of $131.34 million. During the same quarter last year, the company earned $0.92 earnings per share. On average, research analysts expect that The Bancorp, Inc. will post 4.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TBBK shares. StockNews.com raised Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $55.00 target price (up previously from $46.00) on shares of Bancorp in a report on Monday, July 29th. Finally, Piper Sandler upped their price target on Bancorp from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, July 29th.

Insiders Place Their Bets

In other Bancorp news, EVP Thomas G. Pareigat sold 5,466 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $49.03, for a total transaction of $267,997.98. Following the completion of the transaction, the executive vice president now owns 73,114 shares in the company, valued at approximately $3,584,779.42. This represents a 6.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Cohn purchased 545 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was purchased at an average cost of $50.11 per share, for a total transaction of $27,309.95. Following the purchase, the director now directly owns 56,636 shares in the company, 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. In the last three months, insiders have sold 26,983 shares of company stock worth $1,345,366. Company insiders own 5.20% of the company’s stock.

Bancorp 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.