Bancorp (NASDAQ:TBBK) Trading 14.7% Higher – Here’s Why

Shares of The Bancorp, Inc. (NASDAQ:TBBK) were up 14.7% during mid-day trading on Wednesday . The stock traded as high as $57.44 and last traded at $56.56. Approximately 71,961 shares changed hands during trading, a decline of 88% from the average daily volume of 622,050 shares. The stock had previously closed at $49.33.

Analyst Ratings Changes

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

Bancorp Price Performance

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 company has a fifty day moving average price of $52.14 and a two-hundred day moving average price of $43.85. The company has a market cap of $2.78 billion, a P/E ratio of 14.35 and a beta of 1.46.

Bancorp (NASDAQ:TBBK) last posted 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). The company had revenue of $125.84 million for the quarter, compared to analyst estimates of $131.34 million. Bancorp had a return on equity of 26.63% and a net margin of 39.22%. During the same period last year, the firm earned $0.92 EPS. On average, sell-side analysts anticipate that The Bancorp, Inc. will post 4.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Bancorp

In other news, CMO Maria Wainwright sold 11,357 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $1,166,413.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CMO Maria Wainwright sold 11,357 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $50.08, for a total value of $568,758.56. Following the transaction, the chief marketing officer now owns 23,291 shares in the company, valued at approximately $1,166,413.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Cohn bought 545 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 56,636 shares of the company’s stock, valued at $2,838,029.96. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 26,983 shares of company stock worth $1,345,366 over the last quarter. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Natixis Advisors LLC boosted its holdings in Bancorp by 2.3% in the 3rd quarter. Natixis Advisors LLC now owns 30,551 shares of the bank’s stock valued at $1,634,000 after purchasing an additional 673 shares during the period. Summit Asset Management LLC acquired a new stake in Bancorp during the third quarter worth approximately $281,000. Entropy Technologies LP increased its stake in Bancorp by 175.4% during the 3rd quarter. Entropy Technologies LP now owns 18,997 shares of the bank’s stock worth $1,016,000 after acquiring an additional 12,100 shares during the period. Versor Investments LP acquired a new position in Bancorp in the 3rd quarter valued at $514,000. Finally, Lisanti Capital Growth LLC bought a new stake in shares of Bancorp during the 3rd quarter valued at $6,100,000. 96.22% of the stock is currently owned by institutional investors and hedge funds.

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.