The Bancorp, Inc. (NASDAQ:TBBK) shares gapped down before the market opened on Thursday . The stock had previously closed at $22.03, but opened at $21.36. The Bancorp shares last traded at $21.26, with a volume of 879 shares changing hands.
Separately, Zacks Investment Research upgraded The Bancorp from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday.
The stock’s 50-day moving average is $23.80. The stock has a market cap of $1.20 billion, a PE ratio of 13.77 and a beta of 1.41. The company has a current ratio of 0.92, a quick ratio of 0.66 and a debt-to-equity ratio of 0.25.
In other The Bancorp news, EVP John Leto sold 44,820 shares of the company’s stock in a transaction that occurred on Tuesday, May 11th. The stock was sold at an average price of $24.60, for a total value of $1,102,572.00. Following the sale, the executive vice president now owns 183,924 shares in the company, valued at approximately $4,524,530.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Walter T. Beach sold 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 25th. The stock was sold at an average price of $23.46, for a total value of $516,120.00. Following the completion of the sale, the director now owns 59,884 shares in the company, valued at approximately $1,404,878.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,820 shares of company stock worth $1,860,092. Insiders own 4.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Quantbot Technologies LP acquired a new position in shares of The Bancorp during the 1st quarter worth approximately $60,000. Exane Derivatives acquired a new position in shares of The Bancorp during the 1st quarter worth approximately $72,000. Alpha Paradigm Partners LLC acquired a new position in shares of The Bancorp during the 1st quarter worth approximately $87,000. USA Financial Portformulas Corp acquired a new position in shares of The Bancorp during the 1st quarter worth approximately $108,000. Finally, Federated Hermes Inc. raised its stake in The Bancorp by 646.0% in the 1st quarter. Federated Hermes Inc. now owns 6,975 shares of the bank’s stock valued at $145,000 after purchasing an additional 6,040 shares during the last quarter. 86.32% of the stock is owned by institutional investors and hedge funds.
The Bancorp Company Profile (NASDAQ:TBBK)
The Bancorp, Inc operates as the financial holding company for The Bancorp Bank that provides banking products and services in the United States. The company offers a range of deposit products and services, including checking, savings, money market, and commercial accounts. It also provides securities-backed lines of credit, insurance policy cash value-backed lines of credit, vehicle fleet and other equipment leasing, small business administration loans, and commercial mortgage-backed loans, as well as prepaid and debit cards.
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