Bancorp (NASDAQ:TBBK) Shares Up 8.5% on Earnings Beat

The Bancorp, Inc. (NASDAQ:TBBK)’s share price traded up 8.5% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $63.55 and last traded at $62.51. 183,339 shares were traded during trading, a decline of 51% from the average session volume of 371,362 shares. The stock had previously closed at $57.64.

The bank reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. Bancorp had a net margin of 30.97% and a return on equity of 26.63%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TBBK shares. StockNews.com downgraded Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday, January 12th. Piper Sandler increased their price objective on shares of Bancorp from $61.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, December 23rd.

Insider Transactions at Bancorp

In related news, EVP Thomas G. Pareigat sold 5,466 shares of Bancorp stock in a transaction that occurred 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 owns 73,114 shares of the company’s stock, valued at approximately $3,584,779.42. This trade represents a 6.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC purchased a new position in shares of Bancorp in the third quarter worth $514,000. Lord Abbett & CO. LLC increased its holdings in Bancorp by 23.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock valued at $16,223,000 after acquiring an additional 56,959 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Bancorp in the 2nd quarter worth $391,000. Raymond James & Associates boosted its holdings in shares of Bancorp by 55.9% during the 3rd quarter. Raymond James & Associates now owns 50,276 shares of the bank’s stock valued at $2,690,000 after purchasing an additional 18,027 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Bancorp during the third quarter valued at about $2,080,000. 96.22% of the stock is owned by hedge funds and other institutional investors.

Bancorp Stock Up 7.9 %

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 capitalization of $2.98 billion, a P/E ratio of 15.62 and a beta of 1.49. The company has a fifty day moving average price of $55.10 and a 200-day moving average price of $52.72.

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.