Convergence Investment Partners LLC Acquires New Position in The Bancorp, Inc. $TBBK

Convergence Investment Partners LLC acquired a new stake in The Bancorp, Inc. (NASDAQ:TBBK) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 21,447 shares of the bank’s stock, valued at approximately $1,222,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Invesco Ltd. grew its holdings in shares of Bancorp by 20.7% during the first quarter. Invesco Ltd. now owns 2,712,975 shares of the bank’s stock valued at $143,354,000 after purchasing an additional 466,139 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Bancorp by 9.8% during the first quarter. American Century Companies Inc. now owns 2,628,832 shares of the bank’s stock valued at $138,908,000 after purchasing an additional 235,303 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Bancorp by 5.4% during the first quarter. Wellington Management Group LLP now owns 1,821,497 shares of the bank’s stock valued at $96,248,000 after purchasing an additional 93,586 shares during the last quarter. Emerald Advisers LLC grew its holdings in shares of Bancorp by 63.1% during the first quarter. Emerald Advisers LLC now owns 548,269 shares of the bank’s stock valued at $28,971,000 after purchasing an additional 212,102 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bancorp by 2.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 456,613 shares of the bank’s stock valued at $24,127,000 after purchasing an additional 10,468 shares during the last quarter. 96.22% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $65.00 target price on shares of Bancorp in a report on Friday, July 11th. Jefferies Financial Group raised Bancorp to a “buy” rating in a report on Monday, July 7th. Raymond James Financial raised Bancorp from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, July 7th. Oppenheimer reaffirmed an “outperform” rating on shares of Bancorp in a report on Friday, July 18th. Finally, Weiss Ratings raised Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Bancorp currently has an average rating of “Buy” and a consensus target price of $62.00.

Bancorp Stock Performance

Shares of TBBK stock opened at $78.74 on Monday. The Bancorp, Inc. has a 12-month low of $40.51 and a 12-month high of $81.65. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 16.93 and a beta of 1.31. The business has a 50 day simple moving average of $75.35 and a 200 day simple moving average of $62.63. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.91 and a quick ratio of 0.88.

Bancorp (NASDAQ:TBBK) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.01. Bancorp had a return on equity of 27.24% and a net margin of 27.16%.The business had revenue of $138.00 million during the quarter, compared to analyst estimates of $94.87 million. On average, equities research analysts anticipate that The Bancorp, Inc. will post 5.31 EPS for the current year.

Insider Transactions at Bancorp

In other Bancorp news, COO Gregor J. Garry sold 12,532 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $75.14, for a total value of $941,654.48. Following the completion of the sale, the chief operating officer directly owned 110,107 shares in the company, valued at $8,273,439.98. This represents a 10.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Damian Kozlowski sold 39,659 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $62.74, for a total value of $2,488,205.66. Following the completion of the sale, the chief executive officer owned 657,656 shares of the company’s stock, valued at $41,261,337.44. This trade represents a 5.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 2,462 shares of company stock valued at $157,786 and have sold 322,841 shares valued at $20,990,025. Company insiders own 5.60% of the company’s stock.

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.