The Bancorp Inc. (TBBK) Upgraded to “Hold” by Zacks Investment Research
The Bancorp Inc. (NASDAQ:TBBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “The Bancorp Bank is a Delaware-chartered, federally insured commercial bank which focuses on service to small and mid-size businesses and their principals in the Philadelphia-Wilmington market area, and on private-label affinity group programs, including merchant card servicing. “
Several other brokerages have also commented on TBBK. BTIG Research reiterated a “buy” rating and set a $10.00 price target on shares of The Bancorp in a research note on Monday, July 25th. TheStreet downgraded shares of The Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, August 29th. Finally, Raymond James Financial Inc. raised shares of The Bancorp from a “market perform” rating to a “strong-buy” rating and set a $6.50 price objective on the stock in a research report on Tuesday, August 9th.
The Bancorp (NASDAQ:TBBK) opened at 6.95 on Wednesday. The Bancorp has a 12 month low of $3.88 and a 12 month high of $8.20. The firm’s market cap is $263.02 million. The firm has a 50 day moving average of $6.24 and a 200-day moving average of $5.94.
The Bancorp (NASDAQ:TBBK) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.47) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.24. On average, equities research analysts forecast that The Bancorp will post ($1.03) earnings per share for the current year.
In other news, CEO Damian Kozlowski bought 9,790 shares of the stock in a transaction dated Wednesday, August 10th. The shares were acquired at an average price of $4.95 per share, with a total value of $48,460.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John Leto bought 26,000 shares of the stock in a transaction dated Tuesday, August 23rd. The stock was purchased at an average cost of $5.21 per share, for a total transaction of $135,460.00. Following the acquisition, the chief accounting officer now owns 26,000 shares of the company’s stock, valued at $135,460. The disclosure for this purchase can be found here. Company insiders own 7.71% of the company’s stock.
Several hedge funds have recently modified their holdings of TBBK. BlackRock Advisors LLC increased its stake in shares of The Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 16,668 shares of the company’s stock valued at $100,000 after buying an additional 235 shares during the last quarter. American International Group Inc. increased its stake in shares of The Bancorp by 2.2% in the second quarter. American International Group Inc. now owns 20,179 shares of the company’s stock valued at $121,000 after buying an additional 436 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of The Bancorp during the first quarter valued at $125,000. Alliancebernstein L.P. increased its stake in shares of The Bancorp by 16.8% in the second quarter. Alliancebernstein L.P. now owns 20,900 shares of the company’s stock valued at $126,000 after buying an additional 3,000 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in shares of The Bancorp during the second quarter valued at $152,000. 77.98% of the stock is currently owned by institutional investors and hedge funds.
The Bancorp Company Profile
The Bancorp, Inc is a financial holding company, which operates through its subsidiary, The Bancorp Bank (the Bank). The Bank is a chartered commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. The Company operates through three segments: specialty finance, payments and corporate.
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