The Bancorp, Inc. (TBBK) Stock Rating Reaffirmed by Piper Jaffray Companies

The Bancorp, Inc. (NASDAQ:TBBK)‘s stock had its “hold” rating reiterated by equities research analysts at Piper Jaffray Companies in a research note issued on Friday. They presently have a $6.50 price objective on the bank’s stock. Piper Jaffray Companies’ price target points to a potential downside of 13.91% from the stock’s current price.

A number of other brokerages have also recently issued reports on TBBK. Zacks Investment Research cut shares of The Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine upgraded shares of The Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. TheStreet upgraded shares of The Bancorp from a “d+” rating to a “c-” rating in a research note on Tuesday, June 27th. Finally, BTIG Research upgraded shares of The Bancorp from a “neutral” rating to a “buy” rating and set a $8.00 price target on the stock in a research note on Monday, May 1st. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $7.45.

The Bancorp (NASDAQ:TBBK) opened at 7.55 on Friday. The firm’s market cap is $420.45 million. The firm’s 50-day moving average is $6.63 and its 200 day moving average is $6.13. The Bancorp has a 12-month low of $4.41 and a 12-month high of $8.20.

The Bancorp (NASDAQ:TBBK) last announced its quarterly earnings results on Thursday, April 27th. The bank reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04. The company had revenue of $49.10 million for the quarter, compared to analysts’ expectations of $44.26 million. The Bancorp had a negative net margin of 50.29% and a negative return on equity of 11.95%. Equities analysts forecast that The Bancorp will post $0.39 earnings per share for the current year.

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In other The Bancorp news, Director Walter T. Beach sold 105,189 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $6.11, for a total value of $642,704.79. Following the completion of the transaction, the director now owns 217,829 shares of the company’s stock, valued at approximately $1,330,935.19. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Leo Connolly bought 40,000 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was acquired at an average cost of $6.57 per share, with a total value of $262,800.00. Following the transaction, the executive vice president now owns 44,762 shares in the company, valued at approximately $294,086.34. The disclosure for this purchase can be found here. In the last three months, insiders acquired 104,498 shares of company stock valued at $687,987 and sold 180,189 shares valued at $1,109,310. 7.71% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of TBBK. State Street Corp raised its position in shares of The Bancorp by 26.3% in the fourth quarter. State Street Corp now owns 736,929 shares of the bank’s stock worth $5,792,000 after buying an additional 153,310 shares during the period. Dimensional Fund Advisors LP raised its position in shares of The Bancorp by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,304,844 shares of the bank’s stock worth $18,116,000 after buying an additional 313,419 shares during the period. Allianz Asset Management AG acquired a new position in shares of The Bancorp during the fourth quarter worth $1,137,000. Renaissance Technologies LLC raised its position in shares of The Bancorp by 79.0% in the fourth quarter. Renaissance Technologies LLC now owns 165,800 shares of the bank’s stock worth $1,303,000 after buying an additional 73,200 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of The Bancorp by 31.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 33,798 shares of the bank’s stock worth $266,000 after buying an additional 8,087 shares during the period. 76.98% of the stock is owned by institutional investors and hedge funds.

About The Bancorp

The Bancorp, Inc is a financial holding company and its primary subsidiary is The Bancorp Bank (the Bank). The Company has four primary lines of specialty lending: securities backed lines of credit (SBLOC), automobile fleet and other equipment leasing, Small Business Administration (SBA), loans and loans generated for sale into capital markets primarily through both commercial mortgage backed securities (CMBS) and collateralized loan obligations (CLOs).

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