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

Bancorp (NASDAQ:TBBK) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Separately, Piper Sandler raised their price target on shares of Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, December 23rd.

Bancorp Stock Performance

Shares of TBBK opened at $53.69 on Friday. Bancorp has a 52-week low of $29.92 and a 52-week high of $61.17. The stock’s 50-day simple moving average is $54.75 and its 200 day simple moving average is $50.61. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.88. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 13.56 and a beta of 1.49.

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 analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $131.34 million. During the same period in the previous year, the company posted $0.92 earnings per share. Research analysts forecast that Bancorp will post 4.3 EPS for the current fiscal year.

Insider Activity

In other news, CMO Maria Wainwright sold 11,357 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $50.08, for a total transaction of $568,758.56. Following the sale, the chief marketing officer now owns 23,291 shares in the company, valued at approximately $1,166,413.28. This trade represents a 32.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Thomas G. Pareigat sold 5,466 shares of Bancorp stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $49.03, for a total transaction of $267,997.98. Following the sale, the executive vice president now directly owns 73,114 shares of the company’s stock, valued at $3,584,779.42. This represents a 6.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,983 shares of company stock worth $1,345,366. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bancorp

Several institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in Bancorp by 132.9% in the third quarter. JPMorgan Chase & Co. now owns 383,784 shares of the bank’s stock worth $20,532,000 after buying an additional 219,020 shares in the last quarter. Lord Abbett & CO. LLC lifted its holdings in shares of Bancorp by 23.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock worth $16,223,000 after acquiring an additional 56,959 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Bancorp by 18.6% in the 3rd quarter. Franklin Resources Inc. now owns 925,370 shares of the bank’s stock valued at $52,061,000 after purchasing an additional 144,867 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Bancorp in the 3rd quarter valued at $300,000. Finally, Geode Capital Management LLC grew its holdings in shares of Bancorp by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,362,668 shares of the bank’s stock valued at $72,914,000 after purchasing an additional 6,459 shares during the last quarter. 96.22% of the stock is currently owned by institutional investors.

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.