Bancorp (NASDAQ:TBBK) Earns Overweight Rating from Piper Sandler

Bancorp (NASDAQ:TBBK)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Sandler in a research report issued on Tuesday, Benzinga reports. They currently have a $55.00 target price on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 41.53% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Keefe, Bruyette & Woods lowered their price target on Bancorp from $52.00 to $46.00 and set an “outperform” rating for the company in a research report on Friday, April 5th. StockNews.com upgraded Bancorp from a “sell” rating to a “hold” rating in a report on Monday, April 29th.

Bancorp Trading Up 2.5 %

Shares of NASDAQ TBBK traded up $0.96 on Tuesday, reaching $38.86. 276,212 shares of the company traded hands, compared to its average volume of 611,747. The company has a 50 day moving average of $33.32 and a 200 day moving average of $36.69. The company has a current ratio of 1.02, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. Bancorp has a fifty-two week low of $29.92 and a fifty-two week high of $47.11. The stock has a market capitalization of $2.03 billion, a PE ratio of 10.57 and a beta of 1.47.

Bancorp (NASDAQ:TBBK) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. The firm had revenue of $123.80 million during the quarter, compared to analyst estimates of $126.86 million. Bancorp had a net margin of 31.40% and a return on equity of 26.32%. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, equities research analysts forecast that Bancorp will post 4.51 earnings per share for the current fiscal year.

Insider Activity at Bancorp

In other news, Director Cheryl Creuzot sold 766 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $32.64, for a total value of $25,002.24. Following the completion of the sale, the director now owns 7,638 shares of the company’s stock, valued at $249,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Jennifer F. Terry sold 11,256 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $32.18, for a total transaction of $362,218.08. Following the completion of the sale, the executive vice president now directly owns 15,262 shares in the company, valued at $491,131.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cheryl Creuzot sold 766 shares of Bancorp stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $32.64, for a total value of $25,002.24. Following the sale, the director now directly owns 7,638 shares in the company, valued at $249,304.32. The disclosure for this sale can be found here. In the last three months, insiders purchased 1,706 shares of company stock worth $54,962. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Bancorp

A number of institutional investors have recently made changes to their positions in the business. Rafferty Asset Management LLC raised its holdings in Bancorp by 63.6% in the fourth quarter. Rafferty Asset Management LLC now owns 73,827 shares of the bank’s stock valued at $2,847,000 after acquiring an additional 28,699 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Bancorp by 79.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 88,285 shares of the bank’s stock valued at $3,404,000 after buying an additional 38,961 shares during the period. First Hawaiian Bank grew its position in shares of Bancorp by 45.9% during the 4th quarter. First Hawaiian Bank now owns 14,819 shares of the bank’s stock valued at $571,000 after buying an additional 4,664 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Bancorp by 89.3% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 127,192 shares of the bank’s stock worth $4,904,000 after acquiring an additional 60,016 shares during the period. Finally, Invesco Ltd. lifted its holdings in Bancorp by 24.0% in the third quarter. Invesco Ltd. now owns 219,127 shares of the bank’s stock worth $7,560,000 after acquiring an additional 42,346 shares during the last quarter. 96.22% of the stock is 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.