The Bancorp (NASDAQ:TBBK) Shares Gap Down to $22.03

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.

The Bancorp (NASDAQ:TBBK) last issued its earnings results on Wednesday, April 28th. The bank reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.02. The firm had revenue of $77.83 million for the quarter, compared to analyst estimates of $77.44 million. The Bancorp had a return on equity of 16.48% and a net margin of 30.31%. On average, equities analysts predict that The Bancorp, Inc. will post 1.76 EPS for the current fiscal year.

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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