Principal Financial Group Inc. Sells 4,207 Shares of The Bancorp, Inc. (NASDAQ:TBBK)

Principal Financial Group Inc. cut its holdings in The Bancorp, Inc. (NASDAQ:TBBK) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 294,861 shares of the bank’s stock after selling 4,207 shares during the period. Principal Financial Group Inc. owned about 0.60% of Bancorp worth $15,775,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TBBK. Blue Trust Inc. boosted its stake in shares of Bancorp by 72.3% during the 3rd quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the period. GAMMA Investing LLC raised its stake in shares of Bancorp by 60.5% during the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock worth $29,000 after acquiring an additional 291 shares in the last quarter. US Bancorp DE bought a new position in shares of Bancorp during the 3rd quarter worth approximately $83,000. EverSource Wealth Advisors LLC increased its stake in Bancorp by 345.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,640 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,272 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in shares of Bancorp in the 2nd quarter valued at $216,000. 96.22% of the stock is currently owned by institutional investors.

Bancorp Stock Performance

NASDAQ:TBBK opened at $55.17 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.88. The stock has a market capitalization of $2.64 billion, a P/E ratio of 13.93 and a beta of 1.46. The company has a 50 day moving average price of $52.95 and a 200 day moving average price of $44.97. The Bancorp, Inc. has a fifty-two week low of $29.92 and a fifty-two week high of $59.46.

Bancorp (NASDAQ:TBBK) last issued its quarterly earnings results 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 net margin of 30.97% and a return on equity of 26.63%. The business had revenue of $125.84 million during the quarter, compared to analysts’ expectations of $131.34 million. During the same period in the prior year, the business earned $0.92 EPS. Equities research analysts forecast that The Bancorp, Inc. will post 4.3 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on TBBK shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $55.00 price objective (up from $46.00) on shares of Bancorp in a report on Monday, July 29th. StockNews.com upgraded shares of Bancorp from a “sell” rating to a “hold” rating in a report on Friday. Finally, Piper Sandler increased their price target on shares of Bancorp from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, July 29th.

Insider Activity

In related news, Director Matthew Cohn purchased 545 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were purchased at an average cost of $50.11 per share, for a total transaction of $27,309.95. Following the purchase, the director now directly owns 56,636 shares of the company’s stock, valued at $2,838,029.96. The trade was a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Maria Wainwright sold 11,357 shares of Bancorp stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $50.08, for a total transaction of $568,758.56. Following the completion of the transaction, the chief marketing officer now owns 23,291 shares in the company, valued at approximately $1,166,413.28. This represents a 32.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,983 shares of company stock worth $1,345,366. 5.20% of the stock is currently owned by corporate insiders.

Bancorp 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.