Bancorp (NASDAQ:TBBK) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

The Bancorp, Inc. (NASDAQ:TBBK)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $59.80 and traded as high as $62.44. Bancorp shares last traded at $61.68, with a volume of 310,990 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TBBK. Zacks Research raised Bancorp from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Wall Street Zen upgraded shares of Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Piper Sandler assumed coverage on shares of Bancorp in a report on Thursday, March 12th. They set an “overweight” rating and a $66.00 target price on the stock. Finally, Weiss Ratings cut shares of Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.50.

Bancorp Stock Down 0.9%

The stock’s 50-day moving average price is $56.93 and its 200-day moving average price is $59.80. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 12.00 and a beta of 1.21.

Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, April 23rd. The bank reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.07. The business had revenue of $132.50 million during the quarter, compared to the consensus estimate of $189.17 million. Bancorp had a net margin of 26.92% and a return on equity of 30.56%. On average, sell-side analysts expect that The Bancorp, Inc. will post 5.95 earnings per share for the current year.

Insider Activity

In other Bancorp news, CMO Maria Wainwright sold 8,400 shares of Bancorp stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $60.24, for a total value of $506,016.00. Following the completion of the sale, the chief marketing officer directly owned 24,942 shares in the company, valued at approximately $1,502,506.08. The trade was a 25.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Erika R. Caesar sold 4,470 shares of Bancorp stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $60.28, for a total transaction of $269,451.60. Following the completion of the sale, the executive vice president owned 32,880 shares of the company’s stock, valued at $1,982,006.40. This represents a 11.97% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TD Asset Management Inc acquired a new stake in Bancorp in the third quarter valued at approximately $7,642,000. Penn Capital Management Company LLC acquired a new position in shares of Bancorp during the third quarter worth approximately $13,422,000. Kennedy Capital Management LLC raised its position in shares of Bancorp by 57.4% during the third quarter. Kennedy Capital Management LLC now owns 281,256 shares of the bank’s stock worth $21,063,000 after purchasing an additional 102,534 shares during the period. Boothbay Fund Management LLC bought a new position in shares of Bancorp in the 3rd quarter worth $3,529,000. Finally, Rafferty Asset Management LLC lifted its holdings in shares of Bancorp by 39.2% in the 3rd quarter. Rafferty Asset Management LLC now owns 97,074 shares of the bank’s stock worth $7,270,000 after purchasing an additional 27,344 shares in the last quarter. 96.22% of the stock is owned by institutional investors.

Bancorp Company Profile

The Bancorp, Inc (NASDAQ: TBBK) is a Delaware-chartered bank holding company that provides a range of banking and financial services to individuals, businesses, and financial institutions across the United States. Through its subsidiary, The Bancorp Bank, the company offers FDIC-insured deposit accounts, cash management solutions and specialized lending products. Its business model focuses on partnering with fintech firms, asset managers and payment processors to deliver integrated banking-as-a-service (BaaS) capabilities.

The company’s product suite includes interest-bearing and non-interest-bearing checking accounts, money market accounts, certificates of deposit and debit and credit card services.