The Bancorp’s (TBBK) Hold Rating Reaffirmed at Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their hold rating on shares of The Bancorp, Inc. (NASDAQ:TBBK) in a report released on Friday morning. Piper Jaffray Companies currently has a $9.00 target price on the bank’s stock.
TBBK has been the topic of several other research reports. Zacks Investment Research upgraded The Bancorp from a hold rating to a buy rating and set a $9.50 price objective on the stock in a research report on Wednesday, November 1st. BidaskClub cut The Bancorp from a buy rating to a hold rating in a research report on Friday, August 11th. UBS AG upgraded The Bancorp from a market perform rating to an outperform rating in a research report on Monday, July 31st. Finally, Raymond James Financial, Inc. upgraded The Bancorp from a market perform rating to an outperform rating in a research report on Monday, July 31st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The Bancorp presently has an average rating of Buy and an average target price of $8.56.
The Bancorp (NASDAQ:TBBK) opened at $9.15 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.60 and a quick ratio of 0.50. The Bancorp has a 12-month low of $4.41 and a 12-month high of $9.23.
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In other The Bancorp news, EVP Jeffrey A. Nager acquired 5,000 shares of The Bancorp stock in a transaction that occurred on Thursday, August 31st. The shares were acquired at an average cost of $7.82 per share, with a total value of $39,100.00. Following the completion of the purchase, the executive vice president now directly owns 10,000 shares of the company’s stock, valued at approximately $78,200. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Castle Creek Capital Partners acquired 225,000 shares of The Bancorp stock in a transaction that occurred on Wednesday, August 16th. The stock was acquired at an average cost of $7.41 per share, for a total transaction of $1,667,250.00. The disclosure for this purchase can be found here. Insiders purchased 323,700 shares of company stock worth $2,409,100 in the last 90 days. 12.40% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in TBBK. Frontier Capital Management Co. LLC acquired a new stake in The Bancorp in the second quarter valued at about $12,162,000. Emerald Mutual Fund Advisers Trust acquired a new stake in The Bancorp in the second quarter valued at about $3,063,000. Signia Capital Management LLC boosted its stake in The Bancorp by 64.4% in the second quarter. Signia Capital Management LLC now owns 1,006,430 shares of the bank’s stock valued at $7,628,000 after buying an additional 394,183 shares in the last quarter. Chicago Equity Partners LLC acquired a new stake in The Bancorp in the third quarter valued at about $3,225,000. Finally, Dimensional Fund Advisors LP boosted its stake in The Bancorp by 9.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,936,235 shares of the bank’s stock valued at $24,283,000 after buying an additional 248,998 shares in the last quarter. 77.14% of the stock is currently 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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