Bank of New York Mellon Corp lowered its position in The Bancorp, Inc. (NASDAQ:TBBK – Free Report) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 480,022 shares of the bank’s stock after selling 17,562 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.87% of Bancorp worth $13,369,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. ClariVest Asset Management LLC acquired a new stake in shares of Bancorp during the 1st quarter worth about $707,000. Brown Advisory Inc. increased its position in Bancorp by 26.8% during the first quarter. Brown Advisory Inc. now owns 1,484,924 shares of the bank’s stock worth $41,355,000 after acquiring an additional 314,049 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Bancorp by 35.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,427 shares of the bank’s stock worth $207,000 after acquiring an additional 1,954 shares during the period. Versor Investments LP increased its position in Bancorp by 24.0% during the first quarter. Versor Investments LP now owns 32,895 shares of the bank’s stock worth $916,000 after acquiring an additional 6,371 shares during the period. Finally, Barclays PLC increased its position in Bancorp by 46.1% during the first quarter. Barclays PLC now owns 53,028 shares of the bank’s stock worth $1,477,000 after acquiring an additional 16,735 shares during the period. Institutional investors and hedge funds own 91.52% of the company’s stock.
Analysts Set New Price Targets
TBBK has been the topic of several recent research reports. Raymond James lifted their target price on shares of Bancorp from $38.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday, July 31st. Piper Sandler increased their target price on shares of Bancorp from $42.00 to $46.00 and gave the company an “overweight” rating in a report on Monday, July 31st. Finally, StockNews.com initiated coverage on shares of Bancorp in a report on Sunday, August 20th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Bancorp has an average rating of “Moderate Buy” and an average price target of $42.67.
Insiders Place Their Bets
In other news, Director Matthew Cohn bought 5,868 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were bought at an average cost of $37.61 per share, with a total value of $220,695.48. Following the completion of the purchase, the director now directly owns 144,423 shares in the company, valued at $5,431,749.03. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Bancorp news, EVP Olek Derowe sold 2,750 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $36.44, for a total transaction of $100,210.00. Following the completion of the sale, the executive vice president now directly owns 75,803 shares in the company, valued at approximately $2,762,261.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Cohn bought 5,868 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average price of $37.61 per share, for a total transaction of $220,695.48. Following the purchase, the director now owns 144,423 shares of the company’s stock, valued at approximately $5,431,749.03. The disclosure for this purchase can be found here. Insiders own 4.30% of the company’s stock.
Bancorp Price Performance
Shares of NASDAQ:TBBK opened at $36.71 on Friday. The company has a 50-day moving average price of $36.25 and a two-hundred day moving average price of $32.98. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 0.16. The Bancorp, Inc. has a twelve month low of $21.58 and a twelve month high of $41.52. The firm has a market capitalization of $1.99 billion, a PE ratio of 12.16 and a beta of 1.47.
Bancorp (NASDAQ:TBBK – Get Free Report) last announced its earnings results on Thursday, July 27th. The bank reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of $116.53 million for the quarter, compared to the consensus estimate of $114.39 million. Bancorp had a net margin of 30.71% and a return on equity of 23.87%. Equities analysts forecast that The Bancorp, Inc. will post 3.66 EPS for the current year.
Bancorp Company Profile
The Bancorp, Inc operates as the financial 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, medical savings, money market, individual retirement, and commercial accounts; certificates of deposit; and payroll cards.
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