Bancorp (NASDAQ:TBBK) Trading 8.5% Higher Following Strong Earnings

Shares of The Bancorp, Inc. (NASDAQ:TBBK) were up 8.5% during trading on Friday following a better than expected earnings announcement. The stock traded as high as $63.55 and last traded at $62.51. Approximately 183,339 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 371,362 shares. The stock had previously closed at $57.64.

The bank reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. Bancorp had a net margin of 30.97% and a return on equity of 26.63%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Piper Sandler raised their price objective on Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. StockNews.com downgraded shares of Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday, January 12th.

Insider Activity

In other Bancorp news, EVP Thomas G. Pareigat sold 5,466 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total transaction of $267,997.98. Following the completion of the sale, the executive vice president now owns 73,114 shares of the company’s stock, valued at $3,584,779.42. This represents a 6.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Bancorp by 0.5% during the third quarter. Geode Capital Management LLC now owns 1,362,668 shares of the bank’s stock valued at $72,914,000 after buying an additional 6,459 shares during the period. Franklin Resources Inc. raised its position in shares of Bancorp by 18.6% in the 3rd quarter. Franklin Resources Inc. now owns 925,370 shares of the bank’s stock worth $52,061,000 after acquiring an additional 144,867 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Bancorp by 132.9% during the third quarter. JPMorgan Chase & Co. now owns 383,784 shares of the bank’s stock valued at $20,532,000 after purchasing an additional 219,020 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in Bancorp by 23.1% in the third quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock worth $16,223,000 after purchasing an additional 56,959 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its position in Bancorp by 42.3% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 238,120 shares of the bank’s stock valued at $12,739,000 after acquiring an additional 70,768 shares during the period. 96.22% of the stock is owned by institutional investors.

Bancorp Price Performance

The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 0.18. The company has a market cap of $2.98 billion, a PE ratio of 15.62 and a beta of 1.49. The firm has a 50 day moving average of $55.10 and a two-hundred day moving average of $52.72.

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.