Summit Asset Management LLC Makes New Investment in The Bancorp, Inc. (NASDAQ:TBBK)

Summit Asset Management LLC acquired a new position in The Bancorp, Inc. (NASDAQ:TBBK) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,250 shares of the bank’s stock, valued at approximately $281,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Bancorp by 60.5% in the second quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock worth $29,000 after purchasing an additional 291 shares during the period. Blue Trust Inc. lifted its stake in shares of Bancorp by 72.3% in the third quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock worth $34,000 after buying an additional 263 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Bancorp by 345.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,640 shares of the bank’s stock worth $55,000 after buying an additional 1,272 shares in the last quarter. US Bancorp DE bought a new position in shares of Bancorp in the third quarter worth approximately $83,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in shares of Bancorp in the second quarter worth approximately $216,000. Hedge funds and other institutional investors own 96.22% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Bancorp news, EVP Thomas G. Pareigat sold 5,466 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the transaction, the executive vice president now directly owns 73,114 shares in the company, valued at approximately $3,584,779.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bancorp news, CMO Maria Wainwright sold 11,357 shares of the stock in a transaction 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 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 SEC, which is accessible through the SEC website. Also, EVP Thomas G. Pareigat sold 5,466 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the completion of the transaction, the executive vice president now owns 73,114 shares in the company, valued at $3,584,779.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,983 shares of company stock worth $1,345,366. Company insiders own 5.20% of the company’s stock.

Bancorp Stock Down 1.0 %

Shares of Bancorp stock opened at $56.82 on Thursday. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 14.35 and a beta of 1.46. The company’s 50 day moving average is $52.74 and its 200 day moving average is $44.73. The Bancorp, Inc. has a twelve month low of $29.92 and a twelve month high of $59.46. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Bancorp (NASDAQ:TBBK) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). Bancorp had a net margin of 30.97% and a return on equity of 26.63%. The company had revenue of $125.84 million for the quarter, compared to the consensus estimate of $131.34 million. During the same quarter last year, the company earned $0.92 EPS. Research analysts anticipate that The Bancorp, Inc. will post 4.3 EPS for the current year.

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.