Bancorp (NASDAQ:TBBK) Announces Quarterly Earnings Results

Bancorp (NASDAQ:TBBK) issued its quarterly earnings results on Thursday. The bank reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.47 by ($0.19), FiscalAI reports. The business had revenue of $132.21 million for the quarter, compared to analysts’ expectations of $101.10 million. Bancorp had a return on equity of 27.97% and a net margin of 26.15%.

Bancorp Stock Up 5.0%

Bancorp stock traded up $3.39 during midday trading on Thursday, reaching $70.53. The company’s stock had a trading volume of 676,640 shares, compared to its average volume of 608,783. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.29. The business has a 50-day simple moving average of $67.74 and a 200-day simple moving average of $69.82. The company has a market cap of $3.10 billion, a P/E ratio of 14.72 and a beta of 1.27. Bancorp has a fifty-two week low of $40.51 and a fifty-two week high of $81.65.

Analyst Ratings Changes

TBBK has been the subject of a number of recent research reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 price objective on shares of Bancorp in a research note on Wednesday, January 21st. William Blair set a $60.00 price target on Bancorp in a research report on Wednesday, January 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Bancorp in a report on Monday, December 29th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Bancorp in a report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.20.

Insider Buying and Selling at Bancorp

In other Bancorp news, CFO Dominic C. Canuso acquired 1,800 shares of the stock in a transaction on Friday, November 14th. The shares were bought at an average cost of $61.24 per share, with a total value of $110,232.00. Following the transaction, the chief financial officer owned 3,500 shares of the company’s stock, valued at approximately $214,340. This trade represents a 105.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in TBBK. Osaic Holdings Inc. raised its holdings in Bancorp by 3.7% in the 2nd quarter. Osaic Holdings Inc. now owns 5,586 shares of the bank’s stock valued at $318,000 after acquiring an additional 197 shares during the last quarter. California State Teachers Retirement System raised its holdings in Bancorp by 0.6% in the second quarter. California State Teachers Retirement System now owns 42,929 shares of the bank’s stock valued at $2,446,000 after acquiring an additional 253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Bancorp by 1.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,183 shares of the bank’s stock worth $1,436,000 after buying an additional 518 shares during the last quarter. Natixis Advisors LLC boosted its holdings in Bancorp by 1.9% in the third quarter. Natixis Advisors LLC now owns 30,275 shares of the bank’s stock worth $2,267,000 after purchasing an additional 575 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bancorp by 732.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 749 shares of the bank’s stock valued at $56,000 after buying an additional 659 shares during the period. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

About Bancorp

The Bancorp, Inc (NASDAQ: TBBK) is a Delaware-chartered bank holding company that provides a range of banking and financial services to individuals, businesses, and financial institutions across the United States. Through its subsidiary, The Bancorp Bank, the company offers FDIC-insured deposit accounts, cash management solutions and specialized lending products. Its business model focuses on partnering with fintech firms, asset managers and payment processors to deliver integrated banking-as-a-service (BaaS) capabilities.

The company’s product suite includes interest-bearing and non-interest-bearing checking accounts, money market accounts, certificates of deposit and debit and credit card services.