Bancorp (NASDAQ:TBBK) Trading Up 8.5% Following Strong Earnings

The Bancorp, Inc. (NASDAQ:TBBK)’s stock price rose 8.5% on Friday following a stronger than expected earnings report. The stock traded as high as $63.55 and last traded at $62.51. Approximately 183,339 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 371,362 shares. The stock had previously closed at $57.64.

The bank reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. Bancorp had a return on equity of 26.63% and a net margin of 30.97%.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, 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 transaction of $267,997.98. Following the transaction, the executive vice president now owns 73,114 shares in the company, valued at $3,584,779.42. This represents a 6.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings in shares of Bancorp by 72.3% in the third quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock worth $34,000 after acquiring an additional 263 shares during the period. R Squared Ltd purchased a new position in Bancorp in the fourth quarter worth about $45,000. Point72 DIFC Ltd purchased a new position in Bancorp in the third quarter worth about $54,000. GAMMA Investing LLC grew its stake in shares of Bancorp by 42.4% during the 3rd 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 period. Finally, Advisors Asset Management Inc. increased its position 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 valued at $74,000 after purchasing an additional 741 shares during the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

Bancorp Stock Up 5.9 %

The company’s 50 day moving average price is $55.17 and its two-hundred day moving average price is $52.86. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 0.18. The stock has a market cap of $2.93 billion, a P/E ratio of 15.42 and a beta of 1.49.

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.