Bancorp’s (TBBK) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Bancorp (NASDAQ:TBBK) in a research note published on Tuesday, Benzinga reports. Piper Sandler currently has a $55.00 price target on the bank’s stock.

Other research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Bancorp from a sell rating to a hold rating in a report on Monday, April 29th. Keefe, Bruyette & Woods cut their price target on shares of Bancorp from $52.00 to $46.00 and set an outperform rating on the stock in a research report on Friday, April 5th.

Bancorp Trading Down 1.9 %

Shares of NASDAQ:TBBK opened at $37.82 on Tuesday. Bancorp has a 52-week low of $29.92 and a 52-week high of $47.11. The company has a market capitalization of $1.98 billion, a P/E ratio of 10.28 and a beta of 1.47. The company has a 50-day simple moving average of $33.56 and a 200 day simple moving average of $36.69. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.02.

Bancorp (NASDAQ:TBBK) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.06. The business had revenue of $123.80 million during the quarter, compared to analysts’ expectations of $126.86 million. Bancorp had a return on equity of 26.32% and a net margin of 31.40%. During the same period in the previous year, the company posted $0.88 earnings per share. Sell-side analysts forecast that Bancorp will post 4.51 earnings per share for the current year.

Insider Transactions at Bancorp

In related news, EVP Jennifer F. Terry sold 11,256 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $32.18, for a total value of $362,218.08. Following the transaction, the executive vice president now owns 15,262 shares of the company’s stock, valued at approximately $491,131.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Bancorp news, Director Hersh Kozlov purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were acquired at an average price of $32.53 per share, with a total value of $32,530.00. Following the transaction, the director now owns 111,264 shares in the company, valued at $3,619,417.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jennifer F. Terry sold 11,256 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $32.18, for a total transaction of $362,218.08. Following the completion of the transaction, the executive vice president now directly owns 15,262 shares in the company, valued at approximately $491,131.16. The disclosure for this sale can be found here. Insiders have purchased 1,706 shares of company stock valued at $54,962 in the last 90 days. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rafferty Asset Management LLC increased its stake in Bancorp by 63.6% in the 4th quarter. Rafferty Asset Management LLC now owns 73,827 shares of the bank’s stock valued at $2,847,000 after buying an additional 28,699 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Bancorp by 79.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 88,285 shares of the bank’s stock valued at $3,404,000 after buying an additional 38,961 shares during the last quarter. First Hawaiian Bank increased its stake in Bancorp by 45.9% in the 4th quarter. First Hawaiian Bank now owns 14,819 shares of the bank’s stock valued at $571,000 after buying an additional 4,664 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Bancorp by 89.3% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 127,192 shares of the bank’s stock valued at $4,904,000 after buying an additional 60,016 shares during the last quarter. Finally, Invesco Ltd. increased its stake in Bancorp by 24.0% in the 3rd quarter. Invesco Ltd. now owns 219,127 shares of the bank’s stock valued at $7,560,000 after buying an additional 42,346 shares during the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

About Bancorp

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.