Bancorp (NASDAQ:TBBK) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Bancorp (NASDAQ:TBBK) in a report published on Thursday, MarketBeat reports. The firm issued an overweight rating and a $66.00 price target on the bank’s stock.

Other analysts also recently issued research reports about the stock. Bank of America set a $60.00 price target on shares of Bancorp in a report on Wednesday, January 21st. Raymond James Financial reiterated a “strong-buy” rating on shares of Bancorp in a research note on Tuesday, January 13th. Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price target on shares of Bancorp in a research note on Wednesday, January 21st. Wolfe Research set a $57.00 price target on Bancorp in a report on Monday, February 9th. Finally, Zacks Research lowered shares of Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.50.

Bancorp Price Performance

Shares of Bancorp stock opened at $53.55 on Thursday. The firm has a market cap of $2.26 billion, a PE ratio of 10.88 and a beta of 1.31. Bancorp has a twelve month low of $40.51 and a twelve month high of $81.65. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $61.58 and a 200 day moving average price of $67.72.

Bancorp (NASDAQ:TBBK) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.18). The company had revenue of $132.21 million for the quarter, compared to analyst estimates of $101.10 million. Bancorp had a return on equity of 28.91% and a net margin of 25.94%. Sell-side analysts predict that Bancorp will post 5.31 earnings per share for the current fiscal year.

Insider Activity

In other Bancorp news, Director Matthew Cohn purchased 680 shares of Bancorp stock in a transaction that occurred on Tuesday, February 10th. The stock was purchased at an average price of $62.14 per share, for a total transaction of $42,255.20. Following the transaction, the director directly owned 3,655 shares in the company, valued at $227,121.70. This trade represents a 22.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mark E. Tryniski purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were acquired at an average price of $60.23 per share, with a total value of $301,150.00. Following the purchase, the director owned 18,966 shares in the company, valued at $1,142,322.18. This trade represents a 35.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 9,080 shares of company stock valued at $548,933 in the last ninety days. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in Bancorp by 98.2% during the 1st quarter. Royal Bank of Canada now owns 76,696 shares of the bank’s stock valued at $4,052,000 after acquiring an additional 37,993 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Bancorp by 15.9% in the 1st quarter. AQR Capital Management LLC now owns 16,734 shares of the bank’s stock valued at $884,000 after purchasing an additional 2,296 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Bancorp by 1.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,183 shares of the bank’s stock valued at $1,436,000 after purchasing an additional 518 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Bancorp by 6.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 147,523 shares of the bank’s stock valued at $7,795,000 after purchasing an additional 8,454 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Bancorp by 145.8% in the first quarter. Jane Street Group LLC now owns 128,173 shares of the bank’s stock valued at $6,773,000 after purchasing an additional 76,027 shares during the period. Hedge funds and other institutional investors own 96.22% of the company’s stock.

About Bancorp

The Bancorp, Inc (NASDAQ: TBBK) is a Delaware-chartered bank holding company that provides a range of banking and financial services to individuals, businesses, and financial institutions across the United States. Through its subsidiary, The Bancorp Bank, the company offers FDIC-insured deposit accounts, cash management solutions and specialized lending products. Its business model focuses on partnering with fintech firms, asset managers and payment processors to deliver integrated banking-as-a-service (BaaS) capabilities.

The company’s product suite includes interest-bearing and non-interest-bearing checking accounts, money market accounts, certificates of deposit and debit and credit card services.