Bancorp (NASDAQ:TBBK) Shares Gap Down After Earnings Miss

Shares of The Bancorp, Inc. (NASDAQ:TBBK) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $54.96, but opened at $50.00. Bancorp shares last traded at $48.20, with a volume of 350,917 shares changing hands.

The bank reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.08). The company had revenue of $125.84 million during the quarter, compared to analysts’ expectations of $131.34 million. Bancorp had a return on equity of 26.81% and a net margin of 31.52%. During the same quarter in the prior year, the business posted $0.92 EPS.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $55.00 price objective (up previously from $46.00) on shares of Bancorp in a research report on Monday, July 29th. Piper Sandler upped their price target on shares of Bancorp from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, StockNews.com downgraded shares of Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 30th.

Hedge Funds Weigh In On Bancorp

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Bancorp by 0.5% in the first quarter. Vanguard Group Inc. now owns 3,622,973 shares of the bank’s stock worth $121,225,000 after buying an additional 16,482 shares in the last quarter. American Century Companies Inc. increased its holdings in Bancorp by 4.6% in the 2nd quarter. American Century Companies Inc. now owns 1,603,423 shares of the bank’s stock worth $60,545,000 after acquiring an additional 70,178 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Bancorp by 4.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 482,025 shares of the bank’s stock worth $18,587,000 after acquiring an additional 19,932 shares during the period. Jupiter Asset Management Ltd. raised its stake in Bancorp by 11.6% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 442,715 shares of the bank’s stock worth $16,717,000 after acquiring an additional 46,115 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Bancorp by 7.0% during the second quarter. Victory Capital Management Inc. now owns 391,290 shares of the bank’s stock valued at $14,775,000 after purchasing an additional 25,731 shares in the last quarter. 96.22% of the stock is owned by institutional investors.

Bancorp Trading Down 12.3 %

The stock’s 50-day simple moving average is $52.20 and its two-hundred day simple moving average is $42.75. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.88 and a quick ratio of 0.84. The firm has a market capitalization of $2.36 billion, a P/E ratio of 12.80 and a beta of 1.45.

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.