Bancorp (NASDAQ:TBBK) Receives “Overweight” Rating from Piper Sandler

Bancorp (NASDAQ:TBBK)‘s stock had its “overweight” rating reaffirmed by Piper Sandler in a report issued on Tuesday, Benzinga reports. They currently have a $55.00 target price on the bank’s stock. Piper Sandler’s price target suggests a potential upside of 45.43% from the stock’s current price.

A number of other research firms have also weighed in on TBBK. Keefe, Bruyette & Woods dropped their price target on shares of Bancorp from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Friday, April 5th. StockNews.com raised shares of Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, April 29th.

Bancorp Stock Down 1.9 %

Bancorp stock opened at $37.82 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. The firm’s fifty day moving average price is $33.47 and its two-hundred day moving average price is $36.69. Bancorp has a 1-year low of $29.92 and a 1-year high of $47.11. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 10.28 and a beta of 1.47.

Bancorp (NASDAQ:TBBK) last released its quarterly earnings results on Friday, April 26th. The bank reported $1.06 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.06. Bancorp had a net margin of 31.40% and a return on equity of 26.32%. The company had revenue of $123.80 million for the quarter, compared to analyst estimates of $126.86 million. During the same period last year, the firm earned $0.88 earnings per share. On average, equities research analysts predict that Bancorp will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Bancorp

In other news, Director Cheryl Creuzot sold 766 shares of Bancorp stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.64, for a total value of $25,002.24. Following the completion of the transaction, the director now owns 7,638 shares in the company, valued at $249,304.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Cheryl Creuzot sold 766 shares of Bancorp stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.64, for a total value of $25,002.24. Following the completion of the transaction, the director now owns 7,638 shares in the company, valued at $249,304.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Hersh Kozlov acquired 1,000 shares of Bancorp stock in a transaction that occurred on Tuesday, May 7th. The shares were purchased at an average cost of $32.53 per share, with a total value of $32,530.00. Following the purchase, the director now owns 111,264 shares of the company’s stock, valued at approximately $3,619,417.92. The disclosure for this purchase can be found here. Insiders acquired 1,706 shares of company stock worth $54,962 over the last quarter. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Bancorp

Hedge funds have recently bought and sold shares of the company. Rafferty Asset Management LLC grew its stake in Bancorp by 63.6% during the fourth quarter. Rafferty Asset Management LLC now owns 73,827 shares of the bank’s stock valued at $2,847,000 after acquiring an additional 28,699 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Bancorp by 79.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 88,285 shares of the bank’s stock valued at $3,404,000 after purchasing an additional 38,961 shares during the last quarter. First Hawaiian Bank lifted its position in Bancorp by 45.9% during the fourth quarter. First Hawaiian Bank now owns 14,819 shares of the bank’s stock valued at $571,000 after purchasing an additional 4,664 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Bancorp by 89.3% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 127,192 shares of the bank’s stock valued at $4,904,000 after purchasing an additional 60,016 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Bancorp by 24.0% during the third quarter. Invesco Ltd. now owns 219,127 shares of the bank’s stock valued at $7,560,000 after purchasing an additional 42,346 shares during the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

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.