Bancorp (NASDAQ:TBBK) Sets New 12-Month High – Here’s What Happened

The Bancorp, Inc. (NASDAQ:TBBK) hit a new 52-week high on Monday . The company traded as high as $60.13 and last traded at $59.15, with a volume of 51812 shares trading hands. The stock had previously closed at $57.42.

Analyst Ratings Changes

TBBK has been the topic of a number of analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 price target (up from $46.00) on shares of Bancorp in a research note on Monday, July 29th. Piper Sandler boosted their price objective on Bancorp from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, StockNews.com upgraded shares of Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 15th.

Bancorp Price Performance

The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 14.57 and a beta of 1.46. The company’s 50-day moving average is $53.70 and its 200-day moving average is $46.00.

Bancorp (NASDAQ:TBBK) last announced its 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). The company had revenue of $125.84 million for the quarter, compared to analyst estimates of $131.34 million. Bancorp had a return on equity of 26.63% and a net margin of 30.97%. During the same quarter last year, the business posted $0.92 earnings per share. Equities research analysts expect that The Bancorp, Inc. will post 4.3 earnings per share for the current fiscal year.

Insider Activity at Bancorp

In other Bancorp news, CMO Maria Wainwright sold 11,357 shares of Bancorp stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $50.08, for a total value of $568,758.56. Following the sale, the chief marketing officer now owns 23,291 shares of the company’s stock, valued at approximately $1,166,413.28. The trade was a 32.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Thomas G. Pareigat sold 5,466 shares of Bancorp stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the completion of the transaction, the executive vice president now owns 73,114 shares of the company’s stock, valued at approximately $3,584,779.42. This trade represents a 6.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,983 shares of company stock valued at $1,345,366 in the last quarter. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Bancorp by 0.5% during the first quarter. Vanguard Group Inc. now owns 3,622,973 shares of the bank’s stock valued at $121,225,000 after purchasing an additional 16,482 shares in the last quarter. American Century Companies Inc. boosted its holdings 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 worth $60,545,000 after purchasing an additional 70,178 shares during the period. Geode Capital Management LLC raised its stake in shares of Bancorp by 0.5% in the third quarter. Geode Capital Management LLC now owns 1,362,668 shares of the bank’s stock valued at $72,914,000 after acquiring an additional 6,459 shares during the period. Jupiter Asset Management Ltd. boosted its stake in shares of Bancorp by 11.6% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 442,715 shares of the bank’s stock worth $16,717,000 after purchasing an additional 46,115 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Bancorp by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 391,290 shares of the bank’s stock worth $14,775,000 after acquiring an additional 25,731 shares during the last quarter. Institutional investors own 96.22% of the company’s stock.

About Bancorp

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.