Bancorp (NASDAQ:TBBK) Price Target Raised to $64.00

Bancorp (NASDAQ:TBBK) had its price objective upped by Piper Sandler from $61.00 to $64.00 in a research report released on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

Separately, StockNews.com cut Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th.

Bancorp Trading Up 1.2 %

TBBK opened at $54.00 on Monday. The firm’s fifty day moving average is $55.12 and its two-hundred day moving average is $49.60. The firm has a market cap of $2.59 billion, a PE ratio of 13.64 and a beta of 1.48. Bancorp has a twelve month low of $29.92 and a twelve month high of $61.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.88.

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

Insider Buying and Selling at Bancorp

In other news, EVP Matthew J. Wallace sold 10,160 shares of Bancorp stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $50.06, for a total value of $508,609.60. Following the completion of the sale, the executive vice president now directly owns 74,798 shares in the company, valued at approximately $3,744,387.88. The trade was a 11.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas G. Pareigat sold 5,466 shares of the company’s stock in a transaction dated 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 directly owns 73,114 shares of the company’s stock, valued at $3,584,779.42. This represents a 6.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,983 shares of company stock worth $1,345,366 over the last ninety days. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of TBBK. Raymond James & Associates acquired a new stake in Bancorp in the second quarter valued at $1,218,000. Bailard Inc. increased its position in Bancorp by 3.0% during the 2nd quarter. Bailard Inc. now owns 23,682 shares of the bank’s stock valued at $894,000 after purchasing an additional 700 shares during the period. Allspring Global Investments Holdings LLC increased its position in Bancorp by 65.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 17,646 shares of the bank’s stock valued at $666,000 after purchasing an additional 7,009 shares during the period. Legend Financial Advisors Inc. raised its holdings in Bancorp by 2.1% during the 2nd quarter. Legend Financial Advisors Inc. now owns 18,200 shares of the bank’s stock worth $687,000 after purchasing an additional 380 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in Bancorp by 6.0% during the 2nd quarter. Whittier Trust Co. now owns 261,798 shares of the bank’s stock worth $9,883,000 after purchasing an additional 14,884 shares during the last quarter. 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.