Piper Sandler Issues Positive Forecast for Bancorp (NASDAQ:TBBK) Stock Price

Bancorp (NASDAQ:TBBK) had its price target increased by Piper Sandler from $61.00 to $64.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Separately, StockNews.com lowered shares of Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, December 19th.

Bancorp Trading Up 1.2 %

NASDAQ TBBK opened at $54.00 on Monday. The stock has a market capitalization of $2.59 billion, a P/E ratio of 13.64 and a beta of 1.48. The business has a 50 day simple moving average of $55.12 and a 200 day simple moving average of $49.60. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.85. Bancorp has a one year low of $29.92 and a one year high of $61.17.

Bancorp (NASDAQ:TBBK) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $1.04 EPS 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 company had revenue of $125.84 million for the quarter, compared to analyst estimates of $131.34 million. During the same period last year, the business earned $0.92 EPS. Research analysts expect that Bancorp will post 4.3 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Matthew J. Wallace sold 10,160 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $50.06, for a total value of $508,609.60. Following the transaction, the executive vice president now owns 74,798 shares in the company, valued at $3,744,387.88. This trade represents a 11.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas G. Pareigat sold 5,466 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $49.03, for a total value of $267,997.98. Following the sale, the executive vice president now owns 73,114 shares of the company’s stock, valued at $3,584,779.42. This trade represents a 6.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,983 shares of company stock worth $1,345,366 in the last ninety days. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Bancorp

Several large investors have recently bought and sold shares of TBBK. Penserra Capital Management LLC purchased a new stake in shares of Bancorp in the third quarter valued at about $514,000. Lord Abbett & CO. LLC grew its position in Bancorp by 23.1% in the 3rd 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 in the last quarter. Victory Capital Management Inc. increased its stake in Bancorp by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 391,290 shares of the bank’s stock valued at $14,775,000 after buying an additional 25,731 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Bancorp during the 2nd quarter worth approximately $391,000. Finally, Raymond James & Associates boosted its stake in shares of Bancorp by 55.9% in the 3rd quarter. Raymond James & Associates now owns 50,276 shares of the bank’s stock worth $2,690,000 after buying an additional 18,027 shares during the last quarter. 96.22% of the stock is currently owned by 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.