The Bancorp, Inc. (TBBK) Downgraded by Zacks Investment Research
The Bancorp, Inc. (NASDAQ:TBBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “The Bancorp Bank is a Delaware-chartered, federally insured commercial bank which focuses on service to small and mid-size businesses and their principals in the Philadelphia-Wilmington market area, and on private-label affinity group programs, including merchant card servicing. “
Other research analysts also recently issued research reports about the company. BidaskClub upgraded The Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, August 23rd. Raymond James Financial, Inc. raised The Bancorp from a “market perform” rating to an “outperform” rating in a research report on Monday, July 31st. UBS AG upgraded The Bancorp from a “market perform” rating to an “outperform” rating in a research note on Monday, July 31st. ValuEngine upgraded The Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $6.50 price target on shares of The Bancorp in a report on Friday, July 14th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The Bancorp currently has an average rating of “Buy” and an average price target of $7.75.
Shares of The Bancorp (NASDAQ TBBK) opened at 8.38 on Tuesday. The firm has a 50-day moving average price of $7.87 and a 200-day moving average price of $6.81. The stock’s market capitalization is $467.24 million. The Bancorp has a 1-year low of $4.41 and a 1-year high of $8.42.
The Bancorp (NASDAQ:TBBK) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.04. The Bancorp had a negative return on equity of 4.27% and a negative net margin of 16.27%. The company had revenue of $45.39 million for the quarter, compared to analysts’ expectations of $42.40 million. On average, equities research analysts forecast that The Bancorp will post $0.48 earnings per share for the current year.
In other news, Director Walter T. Beach sold 106,784 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $7.74, for a total value of $826,508.16. Following the completion of the sale, the director now directly owns 122,640 shares of the company’s stock, valued at approximately $949,233.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ron J. Wechsler sold 5,000 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $7.61, for a total value of $38,050.00. Following the completion of the sale, the executive vice president now directly owns 43,299 shares of the company’s stock, valued at $329,505.39. The disclosure for this sale can be found here. Insiders acquired 323,700 shares of company stock valued at $2,409,100 in the last 90 days. 12.40% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in TBBK. Wellington Management Group LLP grew its stake in The Bancorp by 2.0% during the 1st quarter. Wellington Management Group LLP now owns 5,241,020 shares of the bank’s stock worth $26,729,000 after buying an additional 104,306 shares during the last quarter. Dimensional Fund Advisors LP increased its position in The Bancorp by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,687,237 shares of the bank’s stock worth $20,370,000 after buying an additional 233,451 shares during the period. Vanguard Group Inc. increased its position in The Bancorp by 4.5% during the first quarter. Vanguard Group Inc. now owns 2,087,441 shares of the bank’s stock worth $10,646,000 after buying an additional 90,800 shares during the period. Heartland Advisors Inc. increased its position in The Bancorp by 5.9% during the second quarter. Heartland Advisors Inc. now owns 1,798,800 shares of the bank’s stock worth $13,635,000 after buying an additional 100,000 shares during the period. Finally, Frontier Capital Management Co. LLC acquired a new position in The Bancorp during the second quarter worth approximately $12,162,000. 74.94% of the stock is owned by hedge funds and other institutional investors.
The Bancorp Company Profile
The Bancorp, Inc is a financial holding company and its primary subsidiary is The Bancorp Bank (the Bank). The Company has four primary lines of specialty lending: securities backed lines of credit (SBLOC), automobile fleet and other equipment leasing, Small Business Administration (SBA), loans and loans generated for sale into capital markets primarily through both commercial mortgage backed securities (CMBS) and collateralized loan obligations (CLOs).
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