Boothbay Fund Management LLC Takes Position in The Bancorp, Inc. $TBBK

Boothbay Fund Management LLC acquired a new stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 47,116 shares of the bank’s stock, valued at approximately $3,529,000. Boothbay Fund Management LLC owned approximately 0.11% of Bancorp as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its stake in shares of Bancorp by 8.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,100 shares of the bank’s stock worth $157,000 after acquiring an additional 169 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Bancorp by 78.6% in the third quarter. Bessemer Group Inc. now owns 400 shares of the bank’s stock valued at $30,000 after acquiring an additional 176 shares in the last quarter. Arete Wealth Advisors LLC increased its stake in shares of Bancorp by 2.0% during the third quarter. Arete Wealth Advisors LLC now owns 9,551 shares of the bank’s stock valued at $715,000 after acquiring an additional 191 shares during the period. Osaic Holdings Inc. increased its stake in shares of Bancorp by 3.7% during the second quarter. Osaic Holdings Inc. now owns 5,586 shares of the bank’s stock valued at $318,000 after acquiring an additional 197 shares during the period. Finally, Rothschild Investment LLC lifted its position in Bancorp by 213.6% in the third quarter. Rothschild Investment LLC now owns 345 shares of the bank’s stock worth $26,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 96.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TBBK. Zacks Research lowered Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Bank of America set a $60.00 target price on Bancorp in a report on Wednesday, January 21st. Piper Sandler started coverage on shares of Bancorp in a research report on Thursday, March 12th. They issued an “overweight” rating and a $66.00 price target on the stock. Raymond James Financial reissued a “strong-buy” rating on shares of Bancorp in a report on Tuesday, January 13th. Finally, Wolfe Research set a $57.00 price objective on shares of Bancorp in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.50.

Bancorp Stock Performance

Shares of NASDAQ TBBK opened at $53.09 on Tuesday. The stock’s fifty day simple moving average is $61.26 and its 200 day simple moving average is $67.48. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 10.79 and a beta of 1.31. 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 Bancorp, Inc. has a 52-week low of $40.51 and a 52-week high of $81.65.

Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, January 29th. The bank reported $1.28 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.18). The company had revenue of $132.21 million for the quarter, compared to analysts’ expectations of $101.10 million. Bancorp had a net margin of 25.94% and a return on equity of 28.91%. As a group, sell-side analysts forecast that The Bancorp, Inc. will post 5.31 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Dominic C. Canuso purchased 2,000 shares of Bancorp stock in a transaction that occurred on Tuesday, February 10th. The stock was acquired at an average price of $60.54 per share, for a total transaction of $121,080.00. Following the transaction, the chief financial officer owned 16,169 shares in the company, valued at $978,871.26. The trade was a 14.12% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark E. Tryniski acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average cost of $60.23 per share, with a total value of $301,150.00. Following the purchase, the director directly owned 18,966 shares in the company, valued at approximately $1,142,322.18. This trade represents a 35.80% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 9,080 shares of company stock valued at $548,933. Corporate insiders own 5.20% 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.