Millennium Management LLC Cuts Stake in The Bancorp, Inc. (NASDAQ:TBBK)

Millennium Management LLC lessened its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 62.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 242,398 shares of the bank’s stock after selling 408,157 shares during the period. Millennium Management LLC owned about 0.46% of Bancorp worth $9,153,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of Bancorp by 60.5% during the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock valued at $29,000 after acquiring an additional 291 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Bancorp by 345.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,640 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,272 shares during the period. Mesirow Financial Investment Management Inc. purchased a new stake in Bancorp in the second quarter worth $216,000. Arcus Capital Partners LLC bought a new stake in shares of Bancorp in the first quarter valued at $221,000. Finally, SG Americas Securities LLC lifted its position in shares of Bancorp by 15.1% during the 1st quarter. SG Americas Securities LLC now owns 6,689 shares of the bank’s stock valued at $224,000 after buying an additional 877 shares during the last quarter. Institutional investors own 96.22% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TBBK shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 price objective (up from $46.00) on shares of Bancorp in a research note on Monday, July 29th. StockNews.com lowered shares of Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Finally, Piper Sandler raised their price objective on shares of Bancorp from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, July 29th.

Bancorp Stock Down 0.6 %

Shares of NASDAQ TBBK opened at $53.60 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 0.88 and a debt-to-equity ratio of 0.19. The company has a market cap of $2.80 billion, a P/E ratio of 14.57 and a beta of 1.45. The Bancorp, Inc. has a 52 week low of $29.92 and a 52 week high of $54.97. The business has a 50-day simple moving average of $50.17 and a two-hundred day simple moving average of $40.91.

Bancorp (NASDAQ:TBBK) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.03). The firm had revenue of $124.52 million during the quarter, compared to analysts’ expectations of $127.45 million. Bancorp had a return on equity of 26.81% and a net margin of 31.52%. Research analysts anticipate that The Bancorp, Inc. will post 4.37 earnings per share for the current fiscal year.

About Bancorp

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.