Legato Capital Management LLC Takes Position in The Bancorp, Inc. $TBBK

Legato Capital Management LLC purchased a new position in shares of The Bancorp, Inc. (NASDAQ:TBBK) during the third quarter, Holdings Channel.com reports. The firm purchased 18,250 shares of the bank’s stock, valued at approximately $1,367,000.

A number of other institutional investors also recently modified their holdings of TBBK. Segall Bryant & Hamill LLC raised its holdings in shares of Bancorp by 2.5% during the third quarter. Segall Bryant & Hamill LLC now owns 282,343 shares of the bank’s stock valued at $21,145,000 after purchasing an additional 6,865 shares during the period. Arete Wealth Advisors LLC boosted its holdings in Bancorp by 2.0% in the third quarter. Arete Wealth Advisors LLC now owns 9,551 shares of the bank’s stock worth $715,000 after acquiring an additional 191 shares in the last quarter. Rafferty Asset Management LLC grew its stake in Bancorp by 39.2% in the third quarter. Rafferty Asset Management LLC now owns 97,074 shares of the bank’s stock valued at $7,270,000 after acquiring an additional 27,344 shares during the period. Intech Investment Management LLC increased its holdings in shares of Bancorp by 86.1% during the third quarter. Intech Investment Management LLC now owns 37,821 shares of the bank’s stock valued at $2,832,000 after acquiring an additional 17,495 shares in the last quarter. Finally, US Bancorp DE acquired a new position in shares of Bancorp during the third quarter worth approximately $261,000. Institutional investors and hedge funds own 96.22% of the company’s stock.

Bancorp Price Performance

Bancorp stock opened at $54.64 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86. The firm has a market capitalization of $2.31 billion, a P/E ratio of 11.11 and a beta of 1.31. The Bancorp, Inc. has a one year low of $40.51 and a one year high of $81.65. The business has a fifty day moving average price of $64.04 and a 200-day moving average price of $68.62.

Bancorp (NASDAQ:TBBK) last released its quarterly earnings results on Thursday, January 29th. The bank reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.18). The firm had revenue of $132.21 million during the quarter, compared to the consensus estimate of $101.10 million. Bancorp had a return on equity of 28.91% and a net margin of 25.94%. As a group, equities research analysts forecast that The Bancorp, Inc. will post 5.31 EPS for the current year.

Analysts Set New Price Targets

TBBK has been the subject of several research reports. Bank of America set a $60.00 price target on shares of Bancorp in a research report on Wednesday, January 21st. Zacks Research downgraded shares of Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Raymond James Financial restated a “strong-buy” rating on shares of Bancorp in a report on Tuesday, January 13th. Wolfe Research set a $57.00 price target on shares of Bancorp in a research report on Monday, February 9th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $57.00 price objective on shares of Bancorp in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, six have assigned 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 has an average rating of “Moderate Buy” and an average price target of $58.20.

Insider Activity at Bancorp

In other Bancorp news, Director Mark E. Tryniski purchased 5,000 shares of Bancorp stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average price of $60.23 per share, for a total transaction of $301,150.00. Following the acquisition, the director directly owned 18,966 shares in the company, valued at approximately $1,142,322.18. This trade represents a 35.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Dominic C. Canuso acquired 2,000 shares of Bancorp stock in a transaction on Tuesday, February 10th. The shares were bought at an average cost of $60.54 per share, for a total transaction of $121,080.00. Following the completion of the transaction, the chief financial officer owned 16,169 shares in the company, valued at approximately $978,871.26. This trade represents a 14.12% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 9,080 shares of company stock valued at $548,933. Insiders own 5.20% of the company’s stock.

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.