Bancorp (NASDAQ:TBBK) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of Bancorp (NASDAQ:TBBK) from a hold rating to a sell rating in a report released on Friday.

Separately, Piper Sandler upped their price objective on shares of Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd.

Bancorp Trading Down 1.7 %

Shares of TBBK opened at $53.58 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.85. Bancorp has a 1-year low of $29.92 and a 1-year high of $61.17. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 13.53 and a beta of 1.48. The firm has a 50 day simple moving average of $54.94 and a 200-day simple moving average of $49.66.

Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, October 24th. The bank reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.08). The firm had revenue of $125.84 million during the quarter, compared to analyst estimates of $131.34 million. Bancorp had a net margin of 30.97% and a return on equity of 26.63%. During the same period in the previous year, the firm posted $0.92 EPS. Equities analysts forecast that Bancorp will post 4.3 EPS for the current fiscal year.

Insider Transactions at Bancorp

In other news, CMO Maria Wainwright sold 11,357 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $50.08, for a total transaction of $568,758.56. Following the sale, the chief marketing officer now directly owns 23,291 shares in the company, valued at approximately $1,166,413.28. This represents a 32.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas G. Pareigat sold 5,466 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $49.03, for a total value of $267,997.98. Following the completion of the sale, the executive vice president now directly owns 73,114 shares in the company, valued at approximately $3,584,779.42. This trade represents a 6.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,983 shares of company stock valued at $1,345,366. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bancorp

A number of hedge funds have recently made changes to their positions in TBBK. JPMorgan Chase & Co. raised its position in Bancorp by 132.9% in the third quarter. JPMorgan Chase & Co. now owns 383,784 shares of the bank’s stock worth $20,532,000 after acquiring an additional 219,020 shares in the last quarter. Lord Abbett & CO. LLC lifted its stake in Bancorp by 23.1% during the third quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock valued at $16,223,000 after purchasing an additional 56,959 shares during the last quarter. Franklin Resources Inc. grew its position in Bancorp by 18.6% in the third quarter. Franklin Resources Inc. now owns 925,370 shares of the bank’s stock worth $52,061,000 after buying an additional 144,867 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Bancorp in the third quarter valued at $300,000. Finally, Geode Capital Management LLC grew its holdings in shares of Bancorp by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,362,668 shares of the bank’s stock worth $72,914,000 after acquiring an additional 6,459 shares during the last quarter. Institutional investors own 96.22% of the company’s stock.

Bancorp Company 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.