Victory Capital Management Inc. Reduces Stock Holdings in The Bancorp, Inc. (NASDAQ:TBBK)

Victory Capital Management Inc. lowered its position in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 29.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 274,606 shares of the bank’s stock after selling 116,684 shares during the quarter. Victory Capital Management Inc.’s holdings in Bancorp were worth $14,691,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of Bancorp by 0.8% during the second quarter. The Manufacturers Life Insurance Company now owns 27,959 shares of the bank’s stock valued at $1,056,000 after acquiring an additional 234 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Bancorp by 72.3% during the 3rd quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock valued at $34,000 after purchasing an additional 263 shares during the period. GAMMA Investing LLC grew its stake in shares of Bancorp by 60.5% during the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock valued at $29,000 after purchasing an additional 291 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in shares of Bancorp by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 67,251 shares of the bank’s stock valued at $2,251,000 after purchasing an additional 302 shares during the period. Finally, Legend Financial Advisors Inc. grew its stake in shares of Bancorp by 2.1% during the 2nd quarter. Legend Financial Advisors Inc. now owns 18,200 shares of the bank’s stock valued at $687,000 after purchasing an additional 380 shares during the period. Hedge funds and other institutional investors own 96.22% of the company’s stock.

Insider Activity

In other news, Director Matthew Cohn bought 545 shares of the stock in a transaction dated Tuesday, October 29th. The stock was purchased at an average cost of $50.11 per share, for a total transaction of $27,309.95. Following the transaction, the director now owns 56,636 shares of the company’s stock, valued at $2,838,029.96. The trade was a 0.97 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas G. Pareigat sold 5,466 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 73,114 shares of the company’s stock, valued at $3,584,779.42. This represents a 6.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,983 shares of company stock worth $1,345,366. 5.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

Bancorp Stock Down 1.3 %

TBBK stock opened at $54.95 on Wednesday. The business’s 50-day moving average price is $53.22 and its 200-day moving average price is $45.50. 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 Bancorp, Inc. has a twelve month low of $29.92 and a twelve month high of $59.46. The stock has a market cap of $2.63 billion, a P/E ratio of 13.88 and a beta of 1.46.

Bancorp (NASDAQ:TBBK) last posted 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 30.97%. 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 previous year, the company earned $0.92 earnings per share. On average, equities research analysts forecast that The Bancorp, Inc. will post 4.3 EPS for the current year.

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.