Bancorp (NASDAQ:TBBK) Rating Increased to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Bancorp (NASDAQ:TBBK) from a market perform rating to an outperform rating in a research note released on Thursday, Marketbeat reports. They currently have $77.00 target price on the bank’s stock, up from their previous target price of $72.00.

Other research analysts also recently issued research reports about the stock. Zacks Research raised shares of Bancorp from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Weiss Ratings upgraded shares of Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, June 30th. Piper Sandler initiated coverage on shares of Bancorp in a research note on Thursday, March 12th. They issued an “overweight” rating and a $66.00 target price for the company. Finally, Wall Street Zen raised Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bancorp currently has an average rating of “Moderate Buy” and an average target price of $61.50.

Bancorp Stock Performance

Shares of Bancorp stock opened at $66.54 on Thursday. 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’s fifty day moving average price is $57.62 and its 200-day moving average price is $59.57. The firm has a market cap of $2.77 billion, a P/E ratio of 12.95 and a beta of 1.19. Bancorp has a 12 month low of $50.20 and a 12 month high of $81.65.

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

Insider Buying and Selling

In other news, CMO Maria Wainwright sold 8,400 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $60.24, for a total value of $506,016.00. Following the sale, the chief marketing officer owned 24,942 shares in the company, valued at $1,502,506.08. This represents a 25.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Erika R. Caesar sold 4,470 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $60.28, for a total transaction of $269,451.60. Following the transaction, the executive vice president directly owned 32,880 shares of the company’s stock, valued at approximately $1,982,006.40. This trade represents a 11.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bancorp

A number of institutional investors have recently modified their holdings of TBBK. Penn Capital Management Company LLC purchased a new position in Bancorp during the third quarter worth approximately $13,422,000. Kennedy Capital Management LLC raised its stake in shares of Bancorp by 57.4% during the 3rd quarter. Kennedy Capital Management LLC now owns 281,256 shares of the bank’s stock worth $21,063,000 after buying an additional 102,534 shares during the period. Boothbay Fund Management LLC acquired a new position in shares of Bancorp during the 3rd quarter worth approximately $3,529,000. Hennessy Advisors Inc. raised its stake in shares of Bancorp by 33.3% during the 4th quarter. Hennessy Advisors Inc. now owns 40,000 shares of the bank’s stock worth $2,701,000 after buying an additional 10,000 shares during the period. Finally, BW Gestao de Investimentos Ltda. purchased a new position in shares of Bancorp during the 4th quarter valued at approximately $7,427,000. Hedge funds and other institutional investors own 96.22% of the company’s stock.

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.