The Bancorp, Inc. $TBBK Position Reduced by Whittier Trust Co.

Whittier Trust Co. trimmed its position in The Bancorp, Inc. (NASDAQ:TBBK) by 98.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,818 shares of the bank’s stock after selling 135,375 shares during the period. Whittier Trust Co.’s holdings in Bancorp were worth $158,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Penn Capital Management Company LLC acquired a new stake in shares of Bancorp in the third quarter worth $13,422,000. Kennedy Capital Management LLC grew its holdings in shares of Bancorp by 57.4% during the third quarter. Kennedy Capital Management LLC now owns 281,256 shares of the bank’s stock valued at $21,063,000 after buying an additional 102,534 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in Bancorp during the third quarter valued at $3,529,000. Hennessy Advisors Inc. raised its position in Bancorp by 33.3% during the fourth quarter. Hennessy Advisors Inc. now owns 40,000 shares of the bank’s stock valued at $2,701,000 after buying an additional 10,000 shares during the period. Finally, BW Gestao de Investimentos Ltda. acquired a new position in Bancorp during the fourth quarter valued at $7,427,000. 96.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Erika R. Caesar sold 4,470 shares of the stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $60.28, for a total value of $269,451.60. Following the transaction, the executive vice president owned 32,880 shares in the company, valued at approximately $1,982,006.40. This represents a 11.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Maria Wainwright sold 8,400 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $60.24, for a total transaction of $506,016.00. Following the transaction, the chief marketing officer directly owned 24,942 shares in the company, valued at approximately $1,502,506.08. The trade was a 25.19% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods upgraded Bancorp from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $72.00 to $77.00 in a research report on Thursday. Zacks Research raised Bancorp from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Weiss Ratings upgraded Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 30th. Piper Sandler assumed coverage on shares of Bancorp in a research report on Thursday, March 12th. They issued an “overweight” rating and a $66.00 price target for the company. Finally, Wall Street Zen upgraded shares of Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.50.

Bancorp Price Performance

Shares of NASDAQ:TBBK opened at $66.54 on Friday. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 12.95 and a beta of 1.19. The Bancorp, Inc. has a 1 year low of $50.20 and a 1 year high of $81.65. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $57.62 and a 200 day simple moving average of $59.57.

Bancorp (NASDAQ:TBBK) last issued its earnings results on Thursday, April 23rd. The bank reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.07. Bancorp had a return on equity of 30.56% and a net margin of 26.92%.The firm had revenue of $132.50 million for the quarter, compared to the consensus estimate of $189.17 million. As a group, sell-side analysts predict that The Bancorp, Inc. will post 5.95 earnings per share 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.