Jupiter Asset Management Ltd. Reduces Position in The Bancorp, Inc. $TBBK

Jupiter Asset Management Ltd. lessened its holdings in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 68.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 162,190 shares of the bank’s stock after selling 356,405 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.35% of Bancorp worth $12,146,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Nantahala Capital Management LLC lifted its stake in shares of Bancorp by 16.9% during the 2nd quarter. Nantahala Capital Management LLC now owns 968,503 shares of the bank’s stock valued at $55,176,000 after buying an additional 140,000 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Bancorp by 735.0% during the third quarter. New York State Common Retirement Fund now owns 139,489 shares of the bank’s stock worth $10,446,000 after acquiring an additional 122,784 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Bancorp by 11.5% during the second quarter. Franklin Resources Inc. now owns 1,112,816 shares of the bank’s stock worth $63,397,000 after acquiring an additional 114,846 shares in the last quarter. Elgethun Capital Management boosted its holdings in shares of Bancorp by 100.6% in the second quarter. Elgethun Capital Management now owns 221,559 shares of the bank’s stock worth $12,622,000 after acquiring an additional 111,134 shares during the period. Finally, Lisanti Capital Growth LLC purchased a new position in shares of Bancorp in the third quarter valued at $7,351,000. Institutional investors own 96.22% of the company’s stock.

Bancorp Stock Performance

Shares of TBBK opened at $58.23 on Friday. The Bancorp, Inc. has a 12-month low of $40.51 and a 12-month high of $81.65. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.56 billion, a PE ratio of 11.84 and a beta of 1.31. The stock has a 50-day moving average price of $65.93 and a 200-day moving average price of $69.04.

Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, January 29th. The bank reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.18). Bancorp had a net margin of 26.15% and a return on equity of 28.91%. The company had revenue of $132.21 million during the quarter, compared to analysts’ expectations of $101.10 million. As a group, equities analysts forecast that The Bancorp, Inc. will post 5.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wolfe Research set a $57.00 price objective on Bancorp in a report on Monday, February 9th. Raymond James Financial reiterated a “strong-buy” rating on shares of Bancorp in a research report on Tuesday, January 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Bancorp in a research report on Monday, December 29th. Zacks Research lowered shares of Bancorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Finally, Piper Sandler reiterated an “overweight” rating on shares of Bancorp in a research note on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Bancorp has an average rating of “Moderate Buy” and a consensus target price of $58.20.

Insider Activity

In other news, CFO Dominic C. Canuso bought 2,000 shares of Bancorp stock in a transaction that occurred on Tuesday, February 10th. The shares were acquired at an average price of $60.54 per share, with a total value of $121,080.00. Following the completion of the purchase, the chief financial officer directly owned 16,169 shares in the company, valued at $978,871.26. The trade was a 14.12% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Mark E. Tryniski purchased 5,000 shares of the stock in a transaction on Wednesday, February 4th. The shares were purchased at an average price of $60.23 per share, for a total transaction of $301,150.00. Following the transaction, the director directly owned 18,966 shares of the company’s stock, valued at approximately $1,142,322.18. This represents a 35.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 9,080 shares of company stock worth $548,933. 5.60% of the stock is currently owned by corporate insiders.

Bancorp Profile

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.