Principal Financial Group Inc. Decreases Stake in The Bancorp, Inc. (NASDAQ:TBBK)

Principal Financial Group Inc. reduced its stake in The Bancorp, Inc. (NASDAQ:TBBKGet Rating) by 4.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 952,383 shares of the bank’s stock after selling 44,656 shares during the period. Principal Financial Group Inc. owned about 1.68% of Bancorp worth $18,591,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Rutabaga Capital Management LLC MA increased its stake in shares of Bancorp by 46.1% during the second quarter. Rutabaga Capital Management LLC MA now owns 250,474 shares of the bank’s stock valued at $4,889,000 after buying an additional 78,979 shares during the period. Steward Partners Investment Advisory LLC increased its stake in shares of Bancorp by 312.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 42,434 shares of the bank’s stock valued at $828,000 after buying an additional 32,142 shares during the period. Acuitas Investments LLC increased its stake in shares of Bancorp by 122.7% during the second quarter. Acuitas Investments LLC now owns 209,604 shares of the bank’s stock valued at $4,091,000 after buying an additional 115,466 shares during the period. Nisa Investment Advisors LLC purchased a new position in shares of Bancorp during the second quarter valued at approximately $29,000. Finally, Congress Asset Management Co. MA increased its stake in shares of Bancorp by 0.7% during the second quarter. Congress Asset Management Co. MA now owns 199,016 shares of the bank’s stock valued at $3,885,000 after buying an additional 1,316 shares during the period. 90.95% of the stock is owned by hedge funds and other institutional investors.

Bancorp Price Performance

Shares of TBBK stock opened at $30.38 on Wednesday. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 14.97 and a beta of 1.47. The business’s fifty day moving average is $25.72 and its 200 day moving average is $22.99. The Bancorp, Inc. has a twelve month low of $16.59 and a twelve month high of $32.69. The company has a quick ratio of 0.87, a current ratio of 0.99 and a debt-to-equity ratio of 0.23.

Insiders Place Their Bets

In related news, Director Matthew Cohn bought 18,040 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were acquired at an average cost of $28.00 per share, with a total value of $505,120.00. Following the completion of the acquisition, the director now owns 39,798 shares of the company’s stock, valued at approximately $1,114,344. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. StockNews.com assumed coverage on Bancorp in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. TheStreet raised Bancorp from a “c+” rating to a “b-” rating in a research note on Tuesday, November 15th. Finally, Piper Sandler upped their price target on Bancorp to $32.00 in a research note on Tuesday, November 1st.

Bancorp Profile

(Get Rating)

The Bancorp, Inc operates as the financial holding company for The Bancorp Bank that provides banking products and services in the United States. The company offers a range of deposit products and services, including checking, savings, money market, and commercial accounts; and prepaid and debit cards.

Further Reading

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Institutional Ownership by Quarter for Bancorp (NASDAQ:TBBK)

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