Kendall Capital Management Buys New Stake in The Bancorp, Inc. (NASDAQ:TBBK)

Kendall Capital Management acquired a new position in shares of The Bancorp, Inc. (NASDAQ:TBBK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,390 shares of the bank’s stock, valued at approximately $355,000.

Several other hedge funds also recently made changes to their positions in the company. Edgestream Partners L.P. grew its holdings in shares of Bancorp by 67.8% during the second quarter. Edgestream Partners L.P. now owns 22,261 shares of the bank’s stock worth $841,000 after purchasing an additional 8,996 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new position in shares of Bancorp during the second quarter worth about $216,000. WINTON GROUP Ltd grew its holdings in shares of Bancorp by 12.4% during the second quarter. WINTON GROUP Ltd now owns 29,498 shares of the bank’s stock worth $1,114,000 after purchasing an additional 3,243 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in shares of Bancorp by 11.6% during the second quarter. Jupiter Asset Management Ltd. now owns 442,715 shares of the bank’s stock worth $16,717,000 after purchasing an additional 46,115 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Bancorp by 4.6% during the second quarter. American Century Companies Inc. now owns 1,603,423 shares of the bank’s stock worth $60,545,000 after purchasing an additional 70,178 shares during the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

Bancorp Stock Performance

NASDAQ TBBK opened at $54.21 on Friday. 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 Bancorp, Inc. has a 52-week low of $29.92 and a 52-week high of $54.97. The business’s 50-day moving average price is $49.27 and its 200 day moving average price is $39.38. The firm has a market cap of $2.65 billion, a P/E ratio of 14.73 and a beta of 1.45.

Bancorp (NASDAQ:TBBK) last released 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). Bancorp had a return on equity of 26.81% and a net margin of 31.52%. The company had revenue of $124.52 million for the quarter, compared to analysts’ expectations of $127.45 million. On average, equities research analysts expect that The Bancorp, Inc. will post 4.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TBBK shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $55.00 price objective (up previously from $46.00) on shares of Bancorp in a report on Monday, July 29th. StockNews.com lowered Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 30th. Finally, Piper Sandler raised 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.

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.