Zacks Investment Research Upgrades The Bancorp Inc. (TBBK) to “Hold”
The Bancorp Inc. (NASDAQ:TBBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “The Bancorp Bank is a Delaware-chartered, federally insured commercial bank which focuses on service to small and mid-size businesses and their principals in the Philadelphia-Wilmington market area, and on private-label affinity group programs, including merchant card servicing. “
A number of other research analysts also recently commented on the company. BTIG Research reiterated a “buy” rating and issued a $10.00 price objective on shares of The Bancorp in a report on Monday, July 25th. Raymond James Financial Inc. upgraded The Bancorp from a “market perform” rating to a “strong-buy” rating and set a $6.50 price objective on the stock in a report on Tuesday, August 9th. Finally, TheStreet downgraded The Bancorp from a “hold” rating to a “sell” rating in a report on Monday, August 29th.
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The Bancorp (NASDAQ:TBBK) opened at 6.95 on Wednesday. The company has a 50-day moving average of $6.24 and a 200 day moving average of $5.94. The company’s market cap is $263.02 million. The Bancorp has a 52 week low of $3.88 and a 52 week high of $8.20.
The Bancorp (NASDAQ:TBBK) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by $0.24. On average, equities analysts forecast that The Bancorp will post ($1.03) EPS for the current fiscal year.
In other The Bancorp news, CEO Damian Kozlowski acquired 50,000 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were acquired at an average price of $4.50 per share, for a total transaction of $225,000.00. Following the acquisition, the chief executive officer now owns 350,000 shares in the company, valued at approximately $1,575,000. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael J. Bradley acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, August 17th. The stock was acquired at an average price of $5.05 per share, for a total transaction of $50,500.00. The disclosure for this purchase can be found here. 7.71% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TBBK. Aristotle Capital Boston LLC increased its position in The Bancorp by 1.3% in the second quarter. Aristotle Capital Boston LLC now owns 360,411 shares of the company’s stock worth $2,170,000 after buying an additional 4,703 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in The Bancorp by 1.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 106,773 shares of the company’s stock worth $643,000 after buying an additional 1,806 shares in the last quarter. Metropolitan Life Insurance Co. NY purchased a new position in The Bancorp during the second quarter worth about $152,000. Parametric Portfolio Associates LLC increased its position in The Bancorp by 10.1% in the second quarter. Parametric Portfolio Associates LLC now owns 383,175 shares of the company’s stock worth $2,307,000 after buying an additional 35,204 shares in the last quarter. Finally, State Street Corp increased its position in The Bancorp by 6.6% in the second quarter. State Street Corp now owns 565,978 shares of the company’s stock worth $3,411,000 after buying an additional 35,175 shares in the last quarter. Institutional investors and hedge funds own 77.98% of the company’s stock.
The Bancorp Company Profile
The Bancorp, Inc is a financial holding company, which operates through its subsidiary, The Bancorp Bank (the Bank). The Bank is a chartered commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. The Company operates through three segments: specialty finance, payments and corporate.
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