Raymond James Reiterates “Outperform” Rating for Bancorp (NASDAQ:TBBK)

Bancorp (NASDAQ:TBBK)‘s stock had its “outperform” rating restated by stock analysts at Raymond James in a research note issued to investors on Monday,Benzinga reports. They currently have a $67.00 price target on the bank’s stock, up from their previous price target of $60.00. Raymond James’ target price would suggest a potential upside of 11.51% from the company’s previous close.

TBBK has been the subject of several other research reports. Piper Sandler increased their price objective on shares of Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. StockNews.com downgraded Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, January 12th.

Bancorp Stock Performance

TBBK opened at $60.09 on Monday. The company has a 50 day simple moving average of $55.17 and a two-hundred day simple moving average of $52.89. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.89 and a quick ratio of 0.86. The firm has a market cap of $2.88 billion, a P/E ratio of 13.84 and a beta of 1.49. Bancorp has a 1-year low of $29.92 and a 1-year high of $64.53.

Bancorp (NASDAQ:TBBK) last released its quarterly earnings data on Thursday, January 30th. The bank reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. Bancorp had a return on equity of 27.33% and a net margin of 30.97%. Equities analysts forecast that Bancorp will post 5.25 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Thomas G. Pareigat sold 5,466 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the transaction, the executive vice president now owns 73,114 shares of the company’s stock, valued at $3,584,779.42. This trade represents a 6.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. increased its holdings in Bancorp by 72.3% during the third quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock valued at $34,000 after buying an additional 263 shares during the period. R Squared Ltd bought a new position in shares of Bancorp in the 4th quarter worth $45,000. Point72 DIFC Ltd purchased a new stake in shares of Bancorp during the 3rd quarter worth $54,000. GAMMA Investing LLC grew its stake in Bancorp by 42.4% in the third quarter. GAMMA Investing LLC now owns 1,099 shares of the bank’s stock valued at $59,000 after purchasing an additional 327 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Bancorp by 114.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,389 shares of the bank’s stock worth $74,000 after acquiring an additional 741 shares in 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.