Bancorp (NASDAQ:TBBK) Shares Gap Down on Disappointing Earnings

The Bancorp, Inc. (NASDAQ:TBBK) shares gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $54.96, but opened at $50.00. Bancorp shares last traded at $48.20, with a volume of 350,917 shares changing hands.

The bank reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.08). The company had revenue of $125.84 million during the quarter, compared to the consensus estimate of $131.34 million. Bancorp had a return on equity of 26.81% and a net margin of 31.52%. During the same quarter in the prior year, the business earned $0.92 earnings per share.

Wall Street Analyst Weigh In

TBBK has been the topic of a number of analyst reports. StockNews.com downgraded shares of Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Piper Sandler increased their target price on shares of Bancorp from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $55.00 price target (up previously from $46.00) on shares of Bancorp in a report on Monday, July 29th.

Institutional Trading of Bancorp

Several hedge funds have recently bought and sold shares of TBBK. Vanguard Group Inc. increased its position in shares of Bancorp by 0.5% during the first quarter. Vanguard Group Inc. now owns 3,622,973 shares of the bank’s stock worth $121,225,000 after acquiring an additional 16,482 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Bancorp by 4.6% in the 2nd quarter. American Century Companies Inc. now owns 1,603,423 shares of the bank’s stock valued at $60,545,000 after purchasing an additional 70,178 shares during the period. Jupiter Asset Management Ltd. lifted its holdings in shares of Bancorp by 11.6% in the second quarter. Jupiter Asset Management Ltd. now owns 442,715 shares of the bank’s stock valued at $16,717,000 after purchasing an additional 46,115 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Bancorp by 7.0% in the second quarter. Victory Capital Management Inc. now owns 391,290 shares of the bank’s stock valued at $14,775,000 after purchasing an additional 25,731 shares in the last quarter. Finally, Nantahala Capital Management LLC acquired a new position in shares of Bancorp during the second quarter worth about $12,757,000. 96.22% of the stock is currently owned by institutional investors and hedge funds.

Bancorp Stock Performance

The stock has a fifty day moving average of $52.17 and a 200-day moving average of $42.92. The firm has a market capitalization of $2.30 billion, a P/E ratio of 12.24 and a beta of 1.45. The company has a quick ratio of 0.84, a current ratio of 0.88 and a debt-to-equity ratio of 0.19.

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.