Piper Sandler Forecasts Strong Price Appreciation for Bancorp (NASDAQ:TBBK) Stock

Bancorp (NASDAQ:TBBK) had its price objective upped by Piper Sandler from $61.00 to $64.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective suggests a potential upside of 18.52% from the company’s previous close.

Separately, StockNews.com lowered Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th.

Bancorp Stock Performance

NASDAQ:TBBK opened at $54.00 on Monday. 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 firm’s fifty day simple moving average is $55.12 and its 200 day simple moving average is $49.60. The stock has a market cap of $2.59 billion, a P/E ratio of 13.64 and a beta of 1.48. Bancorp has a twelve month low of $29.92 and a twelve month high of $61.17.

Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, October 24th. The bank reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $131.34 million. During the same period in the previous year, the firm posted $0.92 EPS. As a group, research analysts predict that Bancorp will post 4.3 EPS for the current year.

Insider Buying and Selling

In related news, Director Matthew Cohn acquired 545 shares of Bancorp stock in a transaction that occurred on Tuesday, October 29th. The stock was bought at an average price of $50.11 per share, with a total value of $27,309.95. Following the transaction, the director now directly owns 56,636 shares in the company, valued at approximately $2,838,029.96. This represents a 0.97 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Maria Wainwright sold 11,357 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $50.08, for a total value of $568,758.56. Following the completion of the sale, the chief marketing officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 26,983 shares of company stock worth $1,345,366 in the last three months. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of Bancorp

Several institutional investors have recently bought and sold shares of TBBK. Blue Trust Inc. lifted 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 worth $34,000 after buying an additional 263 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Bancorp in the 3rd quarter worth approximately $54,000. GAMMA Investing LLC lifted its position in Bancorp by 42.4% in the 3rd quarter. GAMMA Investing LLC now owns 1,099 shares of the bank’s stock valued at $59,000 after acquiring an additional 327 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Bancorp by 114.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,389 shares of the bank’s stock valued at $74,000 after acquiring an additional 741 shares in the last quarter. Finally, National Bank of Canada FI purchased a new stake in Bancorp during the 3rd quarter valued at $77,000. 96.22% of the stock is owned by hedge funds and other institutional investors.

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.