Summit Asset Management LLC Invests $281,000 in The Bancorp, Inc. (NASDAQ:TBBK)

Summit Asset Management LLC bought a new stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,250 shares of the bank’s stock, valued at approximately $281,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in shares of Bancorp by 0.8% during the 2nd 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 during the last quarter. Blue Trust Inc. lifted its position 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 purchasing an additional 263 shares during the last quarter. GAMMA Investing LLC lifted its position in Bancorp by 60.5% during the second 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 last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Bancorp by 0.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 67,251 shares of the bank’s stock worth $2,251,000 after buying an additional 302 shares in the last quarter. Finally, Legend Financial Advisors Inc. increased its holdings in shares of Bancorp by 2.1% in the 2nd quarter. Legend Financial Advisors Inc. now owns 18,200 shares of the bank’s stock worth $687,000 after buying an additional 380 shares during the last quarter. 96.22% of the stock is currently owned by institutional investors.

Bancorp Price Performance

Shares of Bancorp stock opened at $56.82 on Thursday. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 14.35 and a beta of 1.46. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.88. The stock has a 50 day moving average price of $52.74 and a 200-day moving average price of $44.73. The Bancorp, Inc. has a one year low of $29.92 and a one year high of $59.46.

Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, October 24th. The bank reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). Bancorp had a return on equity of 26.63% and a net margin of 30.97%. The company had revenue of $125.84 million during the quarter, compared to analysts’ expectations of $131.34 million. During the same quarter last year, the firm posted $0.92 EPS. Equities analysts expect that The Bancorp, Inc. will post 4.3 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CMO Maria Wainwright sold 11,357 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $50.08, for a total transaction of $568,758.56. Following the completion of the sale, the chief marketing officer now directly owns 23,291 shares of the company’s stock, valued at approximately $1,166,413.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bancorp news, EVP Thomas G. Pareigat sold 5,466 shares of Bancorp stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $49.03, for a total transaction of $267,997.98. Following the completion of the sale, the executive vice president now directly owns 73,114 shares of the company’s stock, valued at $3,584,779.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Maria Wainwright sold 11,357 shares of Bancorp stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $50.08, for a total value of $568,758.56. Following the sale, the chief marketing officer now directly owns 23,291 shares of the company’s stock, valued at approximately $1,166,413.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,983 shares of company stock valued at $1,345,366. Insiders own 5.20% 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.