Allspring Global Investments Holdings LLC Sells 5,378 Shares of The Bancorp, Inc. (NASDAQ:TBBK)

Allspring Global Investments Holdings LLC lowered its holdings in The Bancorp, Inc. (NASDAQ:TBBK) by 30.5% in the third quarter, HoldingsChannel.com reports. The firm owned 12,268 shares of the bank’s stock after selling 5,378 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Bancorp were worth $656,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in TBBK. Entropy Technologies LP increased its position in shares of Bancorp by 256.2% during the first quarter. Entropy Technologies LP now owns 23,375 shares of the bank’s stock worth $782,000 after buying an additional 16,812 shares during the period. Jane Street Group LLC increased its stake in shares of Bancorp by 129.0% in the first quarter. Jane Street Group LLC now owns 124,915 shares of the bank’s stock worth $4,180,000 after purchasing an additional 70,361 shares in the last quarter. ClariVest Asset Management LLC bought a new position in shares of Bancorp in the first quarter valued at approximately $1,008,000. BNP Paribas Financial Markets boosted its position in shares of Bancorp by 51.6% in the first quarter. BNP Paribas Financial Markets now owns 71,837 shares of the bank’s stock valued at $2,404,000 after acquiring an additional 24,453 shares during the period. Finally, Jupiter Asset Management Ltd. lifted its position in Bancorp by 71.1% during the first quarter. Jupiter Asset Management Ltd. now owns 396,600 shares of the bank’s stock valued at $13,270,000 after purchasing an additional 164,855 shares during the last quarter. Institutional investors own 96.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $55.00 target price (up from $46.00) on shares of Bancorp in a research note on Monday, July 29th. StockNews.com downgraded shares of Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Finally, Piper Sandler increased their price target on shares of Bancorp from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

Bancorp Trading Down 1.2 %

Bancorp stock opened at $49.65 on Friday. The stock has a market cap of $2.43 billion, a P/E ratio of 12.54 and a beta of 1.45. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.85. The Bancorp, Inc. has a 1 year low of $29.92 and a 1 year high of $59.26. The firm’s 50 day moving average price is $52.26 and its 200-day moving average price is $43.35.

Bancorp (NASDAQ:TBBK) last announced its quarterly 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). Bancorp had a return on equity of 26.63% and a net margin of 39.22%. The business had revenue of $125.84 million during the quarter, compared to the consensus estimate of $131.34 million. During the same quarter in the prior year, the firm posted $0.92 EPS. On average, equities analysts predict that The Bancorp, Inc. will post 4.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bancorp news, EVP Matthew J. Wallace sold 10,160 shares of Bancorp stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $50.06, for a total transaction of $508,609.60. Following the completion of the transaction, the executive vice president now directly owns 74,798 shares of the company’s stock, valued at $3,744,387.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CMO Maria Wainwright sold 11,357 shares of Bancorp stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $50.08, for a total value of $568,758.56. Following the completion of the sale, the chief marketing officer now directly owns 23,291 shares in the company, valued at $1,166,413.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Matthew J. Wallace sold 10,160 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $50.06, for a total transaction of $508,609.60. Following the completion of the transaction, the executive vice president now owns 74,798 shares of the company’s stock, valued at $3,744,387.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.20% of the stock is owned by insiders.

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.