Bancorp (NASDAQ:TBBK) Stock Price Up 8.5% After Strong Earnings

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

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on TBBK. StockNews.com lowered Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday, January 12th. Piper Sandler raised their target price on Bancorp from $61.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, December 23rd.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TBBK. Sanctuary Advisors LLC increased its holdings in Bancorp by 111.9% in the 4th quarter. Sanctuary Advisors LLC now owns 11,067 shares of the bank’s stock worth $638,000 after acquiring an additional 5,845 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Bancorp by 3.3% in the fourth quarter. Principal Financial Group Inc. now owns 304,609 shares of the bank’s stock valued at $16,032,000 after purchasing an additional 9,748 shares during the period. Congress Asset Management Co. increased its stake in shares of Bancorp by 4.6% during the fourth quarter. Congress Asset Management Co. now owns 223,154 shares of the bank’s stock worth $11,745,000 after purchasing an additional 9,721 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of Bancorp by 19.7% during the 4th quarter. New York State Teachers Retirement System now owns 26,815 shares of the bank’s stock worth $1,411,000 after purchasing an additional 4,412 shares during the last quarter. Finally, Arcus Capital Partners LLC lifted its stake in Bancorp by 5.0% in the 4th quarter. Arcus Capital Partners LLC now owns 6,600 shares of the bank’s stock valued at $347,000 after buying an additional 315 shares in the last quarter. 96.22% of the stock is owned by institutional investors and hedge funds.

Bancorp Trading Up 5.9 %

The company has a fifty day moving average of $55.17 and a 200-day moving average of $52.83. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 15.42 and a beta of 1.49.

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.