Bancorp (NASDAQ:TBBK) Shares Up 8.5% Following Earnings Beat

The Bancorp, Inc. (NASDAQ:TBBK) was up 8.5% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $63.55 and last traded at $62.51. Approximately 183,339 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 371,362 shares. The stock had previously closed at $57.64.

The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.02. Bancorp had a return on equity of 26.63% and a net margin of 30.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday, January 12th. Piper Sandler lifted their price target on shares of Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, December 23rd.

Insider Buying and Selling

In related news, EVP Thomas G. Pareigat sold 5,466 shares of Bancorp stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the completion of the sale, the executive vice president now owns 73,114 shares in the company, valued at approximately $3,584,779.42. This trade represents a 6.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Bancorp by 132.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 383,784 shares of the bank’s stock worth $20,532,000 after acquiring an additional 219,020 shares in the last quarter. Franklin Resources Inc. increased its stake in Bancorp by 18.6% during the third quarter. Franklin Resources Inc. now owns 925,370 shares of the bank’s stock worth $52,061,000 after purchasing an additional 144,867 shares during the period. Lisanti Capital Growth LLC acquired a new stake in shares of Bancorp during the third quarter worth about $6,100,000. Segall Bryant & Hamill LLC boosted its stake in shares of Bancorp by 42.3% in the third quarter. Segall Bryant & Hamill LLC now owns 238,120 shares of the bank’s stock valued at $12,739,000 after purchasing an additional 70,768 shares during the period. Finally, Lord Abbett & CO. LLC grew its holdings in shares of Bancorp by 23.1% in the third quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock valued at $16,223,000 after purchasing an additional 56,959 shares in the last quarter. 96.22% of the stock is currently owned by institutional investors and hedge funds.

Bancorp Stock Up 5.9 %

The business’s fifty day moving average is $55.17 and its two-hundred day moving average is $52.83. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 15.42 and a beta of 1.49. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Bancorp Company Profile

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.