Geode Capital Management LLC Decreases Position in The Bancorp, Inc. $TBBK

Geode Capital Management LLC lowered its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 4.3% in the 4th quarter, HoldingsChannel reports. The firm owned 1,312,222 shares of the bank’s stock after selling 58,820 shares during the quarter. Geode Capital Management LLC’s holdings in Bancorp were worth $88,614,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of TBBK. Royal Bank of Canada grew its stake in Bancorp by 98.2% in the 1st quarter. Royal Bank of Canada now owns 76,696 shares of the bank’s stock valued at $4,052,000 after buying an additional 37,993 shares in the last quarter. AQR Capital Management LLC grew its stake in Bancorp by 15.9% in the 1st quarter. AQR Capital Management LLC now owns 16,734 shares of the bank’s stock valued at $884,000 after buying an additional 2,296 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Bancorp by 1.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,183 shares of the bank’s stock valued at $1,436,000 after buying an additional 518 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Bancorp by 6.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 147,523 shares of the bank’s stock valued at $7,795,000 after buying an additional 8,454 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Bancorp by 145.8% in the 1st quarter. Jane Street Group LLC now owns 128,173 shares of the bank’s stock valued at $6,773,000 after buying an additional 76,027 shares in the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

Insiders Place Their Bets

In other Bancorp news, CMO Maria Wainwright sold 8,400 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $60.24, for a total value of $506,016.00. Following the completion of the sale, the chief marketing officer directly owned 24,942 shares of the company’s stock, valued at $1,502,506.08. The trade was a 25.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Ryan Harris sold 4,500 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $53.18, for a total value of $239,310.00. Following the transaction, the executive vice president directly owned 150,516 shares in the company, valued at $8,004,440.88. This trade represents a 2.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,370 shares of company stock valued at $1,014,778 over the last three months. Insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on TBBK. Wolfe Research set a $57.00 price objective on shares of Bancorp in a research note on Monday, February 9th. Weiss Ratings lowered shares of Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Piper Sandler began coverage on shares of Bancorp in a research note on Thursday, March 12th. They issued an “overweight” rating and a $66.00 price objective for the company. Finally, Zacks Research upgraded shares of Bancorp from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.50.

Bancorp Stock Performance

NASDAQ TBBK opened at $54.11 on Monday. The Bancorp, Inc. has a 52-week low of $49.36 and a 52-week high of $81.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.89. The company has a market capitalization of $2.25 billion, a P/E ratio of 10.53 and a beta of 1.21. The company has a fifty day moving average of $56.57 and a 200-day moving average of $60.51.

Bancorp (NASDAQ:TBBK) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.07. Bancorp had a net margin of 26.92% and a return on equity of 30.56%. The company had revenue of $132.50 million during the quarter, compared to the consensus estimate of $189.17 million. As a group, equities research analysts predict that The Bancorp, Inc. will post 5.95 EPS for the current fiscal year.

Bancorp Company 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.