Envestnet Asset Management Inc. Cuts Stake in The Bancorp, Inc. $TBBK

Envestnet Asset Management Inc. lowered its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 9.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,911 shares of the bank’s stock after selling 1,135 shares during the period. Envestnet Asset Management Inc.’s holdings in Bancorp were worth $622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of TBBK. Invesco Ltd. grew its stake in Bancorp by 20.7% during the first quarter. Invesco Ltd. now owns 2,712,975 shares of the bank’s stock valued at $143,354,000 after acquiring an additional 466,139 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in shares of Bancorp by 741.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 428,942 shares of the bank’s stock valued at $22,665,000 after purchasing an additional 377,993 shares during the last quarter. American Century Companies Inc. grew its position in shares of Bancorp by 9.8% during the first quarter. American Century Companies Inc. now owns 2,628,832 shares of the bank’s stock valued at $138,908,000 after purchasing an additional 235,303 shares in the last quarter. Nuveen LLC purchased a new position in shares of Bancorp during the first quarter valued at about $11,417,000. Finally, Wellington Management Group LLP increased its holdings in shares of Bancorp by 5.4% in the first quarter. Wellington Management Group LLP now owns 1,821,497 shares of the bank’s stock worth $96,248,000 after purchasing an additional 93,586 shares during the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Dominic C. Canuso purchased 1,800 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was purchased at an average cost of $61.24 per share, with a total value of $110,232.00. Following the purchase, the chief financial officer owned 3,500 shares in the company, valued at approximately $214,340. This trade represents a 105.88% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ryan Harris sold 9,841 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $76.37, for a total transaction of $751,557.17. Following the transaction, the executive vice president owned 129,598 shares in the company, valued at $9,897,399.26. The trade was a 7.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 22,841 shares of company stock valued at $1,729,716 over the last three months. 5.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Bancorp in a research note on Tuesday, November 18th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Bancorp Trading Up 4.3%

Shares of NASDAQ TBBK opened at $62.03 on Monday. The Bancorp, Inc. has a 1-year low of $40.51 and a 1-year high of $81.65. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.91 and a quick ratio of 0.88. The business’s 50 day moving average is $71.83 and its two-hundred day moving average is $65.22. The stock has a market capitalization of $2.72 billion, a P/E ratio of 13.34 and a beta of 1.34.

Bancorp (NASDAQ:TBBK) last posted its quarterly earnings data on Thursday, October 30th. The bank reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.16). The company had revenue of $134.82 million during the quarter, compared to the consensus estimate of $99.60 million. Bancorp had a net margin of 27.16% and a return on equity of 27.24%. Bancorp has set its FY 2025 guidance at 5.100-5.100 EPS. As a group, research analysts expect that The Bancorp, Inc. will post 5.31 EPS for the current year.

Bancorp Company Profile

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.