Bancorp (NASDAQ:TBBK) Shares Gap Down After Earnings Miss

Shares of The Bancorp, Inc. (NASDAQ:TBBK) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $54.96, but opened at $50.00. Bancorp shares last traded at $48.20, with a volume of 350,917 shares traded.

The bank reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). The company had revenue of $125.84 million for the quarter, compared to the consensus estimate of $131.34 million. Bancorp had a net margin of 31.52% and a return on equity of 26.81%. During the same quarter last year, the firm posted $0.92 earnings per share.

Analyst Ratings Changes

TBBK has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on Bancorp from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $55.00 price target (up from $46.00) on shares of Bancorp in a report on Monday, July 29th. Finally, StockNews.com cut Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 30th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Entropy Technologies LP raised its holdings in shares of Bancorp by 256.2% during the 1st quarter. Entropy Technologies LP now owns 23,375 shares of the bank’s stock worth $782,000 after acquiring an additional 16,812 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Bancorp by 129.0% during the 1st quarter. Jane Street Group LLC now owns 124,915 shares of the bank’s stock worth $4,180,000 after acquiring an additional 70,361 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in shares of Bancorp during the 1st quarter worth approximately $1,008,000. BNP Paribas Financial Markets raised its holdings in shares of Bancorp by 51.6% during the 1st quarter. BNP Paribas Financial Markets now owns 71,837 shares of the bank’s stock worth $2,404,000 after acquiring an additional 24,453 shares in the last quarter. Finally, Jupiter Asset Management Ltd. raised its holdings in shares of Bancorp by 71.1% during the 1st quarter. Jupiter Asset Management Ltd. now owns 396,600 shares of the bank’s stock worth $13,270,000 after acquiring an additional 164,855 shares in the last quarter. 96.22% of the stock is owned by hedge funds and other institutional investors.

Bancorp Stock Down 14.5 %

The firm has a market capitalization of $2.30 billion, a PE ratio of 12.24 and a beta of 1.45. The company has a fifty day moving average price of $52.17 and a 200-day moving average price of $42.85. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 0.88.

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.