Bancorp (NASDAQ:TBBK) Shares Gap Down on Disappointing Earnings

The Bancorp, Inc. (NASDAQ:TBBK)’s stock price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $54.96, but opened at $50.00. Bancorp shares last traded at $48.20, with a volume of 350,917 shares changing hands.

The bank reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.08). Bancorp had a net margin of 31.52% and a return on equity of 26.81%. The business had revenue of $125.84 million during the quarter, compared to analyst estimates of $131.34 million. During the same quarter in the previous year, the firm posted $0.92 earnings per share.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com downgraded Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 30th. Piper Sandler increased their price objective on Bancorp from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $55.00 target price (up from $46.00) on shares of Bancorp in a report on Monday, July 29th.

Institutional Trading of Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in shares of Bancorp by 60.5% during the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock worth $29,000 after acquiring an additional 291 shares during the period. Blue Trust Inc. boosted its position in Bancorp by 72.3% during the third quarter. Blue Trust Inc. now owns 627 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Bancorp by 345.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,640 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,272 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new position in shares of Bancorp in the second quarter valued at about $216,000. Finally, Arcus Capital Partners LLC acquired a new stake in shares of Bancorp during the 1st quarter worth about $221,000. Institutional investors own 96.22% of the company’s stock.

Bancorp Stock Down 14.5 %

The firm has a market cap of $2.30 billion, a P/E ratio of 12.24 and a beta of 1.45. The firm’s fifty day moving average is $52.17 and its 200 day moving average is $42.92. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 0.88.

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.