Bancorp (NASDAQ:TBBK) Hits New 52-Week High – Here’s Why

The Bancorp, Inc. (NASDAQ:TBBK) shares hit a new 52-week high during mid-day trading on Saturday . The company traded as high as $64.53 and last traded at $61.06, with a volume of 1701726 shares. The stock had previously closed at $57.64.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TBBK shares. Piper Sandler lifted their target price on Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. StockNews.com lowered shares of Bancorp from a “hold” rating to a “sell” rating in a report on Sunday, January 12th.

Bancorp Price Performance

The business has a 50 day simple moving average of $55.17 and a two-hundred day simple moving average of $52.83. The firm has a market capitalization of $2.93 billion, a P/E ratio of 15.42 and a beta of 1.49. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.88.

Bancorp (NASDAQ:TBBK) last posted its quarterly earnings data on Thursday, January 30th. The bank reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. Bancorp had a net margin of 30.97% and a return on equity of 26.63%. On average, sell-side analysts expect that The Bancorp, Inc. will post 4.28 EPS for the current fiscal year.

Insider Transactions at Bancorp

In other Bancorp news, EVP Thomas G. Pareigat sold 5,466 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $49.03, for a total transaction of $267,997.98. Following the sale, the executive vice president now owns 73,114 shares in the company, valued at $3,584,779.42. This trade represents a 6.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of TBBK. Geode Capital Management LLC boosted its stake in Bancorp by 0.5% in the third quarter. Geode Capital Management LLC now owns 1,362,668 shares of the bank’s stock worth $72,914,000 after buying an additional 6,459 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Bancorp by 18.6% in the 3rd quarter. Franklin Resources Inc. now owns 925,370 shares of the bank’s stock valued at $52,061,000 after purchasing an additional 144,867 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Bancorp by 132.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 383,784 shares of the bank’s stock valued at $20,532,000 after purchasing an additional 219,020 shares during the last quarter. Principal Financial Group Inc. raised its position in Bancorp by 3.3% in the 4th quarter. Principal Financial Group Inc. now owns 304,609 shares of the bank’s stock worth $16,032,000 after purchasing an additional 9,748 shares during the period. Finally, Lord Abbett & CO. LLC lifted its stake in Bancorp by 23.1% in the third quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock worth $16,223,000 after purchasing an additional 56,959 shares during the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

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.