Bancorp’s (TBBK) Overweight Rating Reiterated at Piper Sandler

Bancorp (NASDAQ:TBBK)‘s stock had its “overweight” rating reiterated by analysts at Piper Sandler in a report issued on Monday, Benzinga reports. They presently have a $62.00 price target on the bank’s stock, down from their prior price target of $75.00. Piper Sandler‘s price target would suggest a potential upside of 24.94% from the company’s current price.

Several other research firms also recently commented on TBBK. Weiss Ratings upgraded Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Zacks Research downgraded shares of Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 3rd. Bank of America reiterated a “buy” rating on shares of Bancorp in a report on Monday, July 20th. DA Davidson set a $64.00 target price on shares of Bancorp in a research report on Tuesday, October 20th. Finally, Raymond James Financial restated an “outperform” rating and issued a $57.00 target price on shares of Bancorp in a report on Tuesday, November 3rd. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

Bancorp Trading Up 2.8%

TBBK traded up $1.38 during trading on Monday, reaching $49.62. 188,178 shares of the stock traded hands, compared to its average volume of 520,104. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average is $51.68 and its 200 day moving average is $58.04. Bancorp has a 12 month low of $45.08 and a 12 month high of $73.02. The stock has a market capitalization of $2.02 billion, a PE ratio of 8.75 and a beta of 1.20.

Bancorp (NASDAQ:TBBK) last issued its quarterly earnings results on Thursday, October 29th. The bank reported $1.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.47. The firm had revenue of $135.89 million for the quarter, compared to analyst estimates of $154.86 million. Bancorp had a return on equity of 34.29% and a net margin of 28.50%. Equities analysts anticipate that Bancorp will post 5.99 earnings per share for the current year.

Insider Buying and Selling at Bancorp

In related news, Director Stephanie Mudick purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 4th. The stock was acquired at an average price of $47.49 per share, for a total transaction of $47,490.00. Following the completion of the acquisition, the director owned 45,150 shares of the company’s stock, valued at $2,144,173.50. This represents a 2.27% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Cohn purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was bought at an average cost of $45.54 per share, with a total value of $45,540.00. Following the completion of the transaction, the director directly owned 63,111 shares in the company, valued at $2,874,074.94. The trade was a 1.61% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in TBBK. Arrowstreet Capital Limited Partnership bought a new position in shares of Bancorp during the 1st quarter valued at approximately $15,063,000. Bank of America Corp DE increased its stake in shares of Bancorp by 104.5% during the 1st quarter. Bank of America Corp DE now owns 426,613 shares of the bank’s stock worth $22,922,000 after purchasing an additional 218,038 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Bancorp by 19.0% in the 1st quarter. Janus Henderson Group PLC now owns 1,084,992 shares of the bank’s stock worth $58,296,000 after purchasing an additional 172,925 shares during the period. Edgestream Partners L.P. bought a new stake in shares of Bancorp in the 1st quarter worth approximately $3,592,000. Finally, Congress Asset Management Co. raised its holdings in shares of Bancorp by 21.3% in the 3rd quarter. Congress Asset Management Co. now owns 347,585 shares of the bank’s stock worth $16,740,000 after purchasing an additional 61,054 shares during the period. Hedge funds and other institutional investors own 96.22% of the company’s stock.

About Bancorp

The Bancorp, Inc is a financial holding company based in Wilmington, Delaware. Through its subsidiary, The Bancorp Bank, National Association, it provides banking and financial services primarily to businesses and other organizations rather than operating a traditional branch-focused consumer bank.

The company’s services include payment and card programs, such as prepaid and debit card solutions, along with payment processing and banking services for fintech companies and other partners.