Piper Sandler Reaffirms “Overweight” Rating for Bancorp (NASDAQ:TBBK)

Piper Sandler reaffirmed their overweight rating on shares of Bancorp (NASDAQ:TBBK) in a research note released on Tuesday, Benzinga reports. They currently have a $55.00 price target on the bank’s stock.

TBBK has been the topic of several other research reports. StockNews.com upgraded shares of Bancorp from a sell rating to a hold rating in a research note on Monday, April 29th. Keefe, Bruyette & Woods lowered their target price on shares of Bancorp from $52.00 to $46.00 and set an outperform rating on the stock in a research note on Friday, April 5th.

Bancorp Stock Performance

Shares of Bancorp stock opened at $37.82 on Tuesday. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 10.28 and a beta of 1.47. The firm’s 50-day moving average is $33.56 and its 200 day moving average is $36.69. Bancorp has a 1 year low of $29.92 and a 1 year high of $47.11. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.98.

Bancorp (NASDAQ:TBBK) last announced its quarterly earnings results on Friday, April 26th. The bank reported $1.06 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.06. The company had revenue of $123.80 million for the quarter, compared to analysts’ expectations 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 previous year, the business posted $0.88 EPS. Sell-side analysts anticipate that Bancorp will post 4.51 EPS for the current fiscal year.

Insider Buying and Selling at Bancorp

In other news, Director Cheryl Creuzot sold 766 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.64, for a total transaction of $25,002.24. Following the completion of the sale, the director now owns 7,638 shares of the company’s stock, valued at approximately $249,304.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Cheryl Creuzot sold 766 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.64, for a total transaction of $25,002.24. Following the completion of the sale, the director now owns 7,638 shares of the company’s stock, valued at approximately $249,304.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jennifer F. Terry sold 11,256 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $32.18, for a total transaction of $362,218.08. Following the sale, the executive vice president now directly owns 15,262 shares of the company’s stock, valued at approximately $491,131.16. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 1,706 shares of company stock worth $54,962. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in TBBK. Invesco Ltd. increased its holdings in Bancorp by 24.0% in the 3rd quarter. Invesco Ltd. now owns 219,127 shares of the bank’s stock worth $7,560,000 after acquiring an additional 42,346 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in Bancorp by 5.3% in the 3rd quarter. Qube Research & Technologies Ltd now owns 55,110 shares of the bank’s stock worth $1,901,000 after acquiring an additional 2,795 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in Bancorp by 9.7% in the 3rd quarter. Kennedy Capital Management LLC now owns 703,454 shares of the bank’s stock worth $24,269,000 after acquiring an additional 62,104 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Bancorp in the 3rd quarter worth approximately $1,272,000. Finally, American Century Companies Inc. increased its holdings in Bancorp by 21.9% in the 3rd quarter. American Century Companies Inc. now owns 980,410 shares of the bank’s stock worth $33,824,000 after acquiring an additional 175,854 shares in the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

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.