The Bancorp, Inc. (TBBK) Downgraded by Zacks Investment Research
The Bancorp, Inc. (NASDAQ:TBBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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. “
TBBK has been the subject of several other reports. BTIG Research raised The Bancorp from a “neutral” rating to a “buy” rating and set a $8.00 price objective for the company in a report on Monday, May 1st. TheStreet cut The Bancorp from a “c-” rating to a “d” rating in a report on Monday, April 24th. Finally, ValuEngine raised The Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The Bancorp has an average rating of “Hold” and a consensus price target of $7.65.
The Bancorp (NASDAQ TBBK) opened at 7.68 on Tuesday. The Bancorp has a 1-year low of $4.41 and a 1-year high of $8.20. The firm’s market capitalization is $427.69 million. The firm’s 50-day moving average price is $6.63 and its 200 day moving average price is $6.13.
The Bancorp (NASDAQ:TBBK) last announced its quarterly earnings data on Thursday, April 27th. The bank reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.04. The firm had revenue of $49.10 million during the quarter, compared to analysts’ expectations of $44.26 million. The Bancorp had a negative return on equity of 11.95% and a negative net margin of 50.29%. On average, analysts predict that The Bancorp will post $0.39 EPS for the current year.
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In other The Bancorp news, EVP Mark Leo Connolly purchased 40,000 shares of the stock in a transaction dated Wednesday, June 14th. The stock was bought at an average price of $6.57 per share, with a total value of $262,800.00. Following the acquisition, the executive vice president now owns 44,762 shares of the company’s stock, valued at $294,086.34. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Frenkiel Paul purchased 22,498 shares of the stock in a transaction dated Tuesday, June 13th. The shares were acquired at an average cost of $6.56 per share, with a total value of $147,586.88. Following the acquisition, the chief financial officer now directly owns 42,498 shares in the company, valued at approximately $278,786.88. The disclosure for this purchase can be found here. In the last three months, insiders have bought 104,498 shares of company stock valued at $687,987 and have sold 180,189 shares valued at $1,109,310. 7.71% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. Second Curve Capital LLC boosted its position in The Bancorp by 30.6% in the first quarter. Second Curve Capital LLC now owns 3,135,470 shares of the bank’s stock worth $15,991,000 after buying an additional 735,000 shares during the period. Signia Capital Management LLC acquired a new position in The Bancorp during the first quarter worth approximately $3,122,000. Russell Investments Group Ltd. acquired a new position in The Bancorp during the fourth quarter worth approximately $3,488,000. Dimensional Fund Advisors LP boosted its position in The Bancorp by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,304,844 shares of the bank’s stock worth $18,116,000 after buying an additional 313,419 shares during the period. Finally, Gendell Jeffrey L acquired a new position in The Bancorp during the first quarter worth approximately $1,463,000. 76.98% of the stock is owned by institutional investors.
About The Bancorp
The Bancorp, Inc is a financial holding company and its primary subsidiary is The Bancorp Bank (the Bank). The Company has four primary lines of specialty lending: securities backed lines of credit (SBLOC), automobile fleet and other equipment leasing, Small Business Administration (SBA), loans and loans generated for sale into capital markets primarily through both commercial mortgage backed securities (CMBS) and collateralized loan obligations (CLOs).
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