The Bancorp, Inc. (TBBK) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of The Bancorp, Inc. (NASDAQ:TBBK) from a buy rating to a hold rating in a research report released on Tuesday, July 4th.
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 research firms have also weighed in on TBBK. TheStreet lowered shares of The Bancorp from a c- rating to a d rating in a research report on Monday, April 24th. BTIG Research upgraded shares of The Bancorp from a neutral rating to a buy rating and set a $8.00 price objective for the company in a research report on Monday, May 1st. Finally, ValuEngine upgraded shares of The Bancorp from a sell rating to a hold rating in a research report on Wednesday, June 28th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The Bancorp presently has a consensus rating of Buy and an average price target of $7.50.
Shares of The Bancorp (NASDAQ:TBBK) traded up 2.07% on Tuesday, hitting $7.88. 423,764 shares of the company’s stock were exchanged. The Bancorp has a 12-month low of $4.41 and a 12-month high of $8.20. The stock’s market cap is $439.37 million. The company’s 50-day moving average price is $7.47 and its 200 day moving average price is $6.11.
The Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, July 27th. The bank reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.04. The firm had revenue of $45.39 million during the quarter, compared to analyst estimates of $42.40 million. The Bancorp had a negative net margin of 50.29% and a negative return on equity of 4.32%. On average, equities analysts predict that The Bancorp will post $0.48 earnings per share for the current fiscal year.
In other The Bancorp news, CFO Frenkiel Paul purchased 22,498 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was acquired at an average cost of $6.56 per share, with a total value of $147,586.88. Following the completion of the acquisition, the chief financial officer now directly owns 42,498 shares of the company’s stock, valued at approximately $278,786.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John Leto purchased 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was acquired at an average cost of $6.61 per share, with a total value of $264,400.00. Following the completion of the acquisition, the chief accounting officer now directly owns 135,762 shares of the company’s stock, valued at $897,386.82. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 104,498 shares of company stock worth $687,987 and sold 180,189 shares worth $1,109,310. Company insiders own 12.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. boosted its position in The Bancorp by 51.8% in the first quarter. American International Group Inc. now owns 30,605 shares of the bank’s stock worth $156,000 after buying an additional 10,447 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of The Bancorp by 55.5% in the first quarter. Goldman Sachs Group Inc. now owns 30,510 shares of the bank’s stock worth $156,000 after buying an additional 10,895 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of The Bancorp by 9.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 37,059 shares of the bank’s stock worth $189,000 after buying an additional 3,261 shares during the last quarter. Sei Investments Co. raised its stake in shares of The Bancorp by 380.5% in the first quarter. Sei Investments Co. now owns 54,902 shares of the bank’s stock worth $280,000 after buying an additional 43,475 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of The Bancorp by 5.5% in the second quarter. Rhumbline Advisers now owns 57,725 shares of the bank’s stock worth $438,000 after buying an additional 3,010 shares during the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.
The Bancorp Company Profile
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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