Sippican Capital Advisors Lowers Stake in Bancorp Inc (TBBK)
Sippican Capital Advisors lowered its holdings in shares of Bancorp Inc (NASDAQ:TBBK) by 4.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 348,604 shares of the bank’s stock after selling 15,430 shares during the period. Bancorp comprises about 3.4% of Sippican Capital Advisors’ holdings, making the stock its 2nd biggest position. Sippican Capital Advisors’ holdings in Bancorp were worth $3,444,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of TBBK. UBS Asset Management Americas Inc. increased its holdings in Bancorp by 0.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 22,000 shares of the bank’s stock worth $167,000 after purchasing an additional 117 shares in the last quarter. Nationwide Fund Advisors increased its holdings in Bancorp by 2.1% in the 2nd quarter. Nationwide Fund Advisors now owns 40,031 shares of the bank’s stock worth $303,000 after purchasing an additional 805 shares in the last quarter. Rhumbline Advisers increased its holdings in Bancorp by 5.5% in the 2nd quarter. Rhumbline Advisers now owns 57,725 shares of the bank’s stock worth $438,000 after purchasing an additional 3,010 shares in the last quarter. Voya Investment Management LLC increased its holdings in Bancorp by 20.4% in the 2nd quarter. Voya Investment Management LLC now owns 24,779 shares of the bank’s stock worth $188,000 after purchasing an additional 4,203 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in Bancorp by 2.4% in the 2nd quarter. California Public Employees Retirement System now owns 194,300 shares of the bank’s stock worth $1,473,000 after purchasing an additional 4,600 shares in the last quarter. 72.84% of the stock is owned by institutional investors.
In other news, Director Daniel G. Cohen sold 250,000 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $9.53, for a total value of $2,382,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John C. Chrystal sold 62,285 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $9.65, for a total value of $601,050.25. The disclosure for this sale can be found here. Corporate insiders own 12.40% of the company’s stock.
Bancorp (NASDAQ:TBBK) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $0.12 earnings per share for the quarter, meeting the consensus estimate of $0.12. Bancorp had a negative return on equity of 1.67% and a net margin of 2.74%. equities analysts forecast that Bancorp Inc will post 0.46 earnings per share for the current year.
A number of brokerages have issued reports on TBBK. Sandler O’Neill reaffirmed a “hold” rating and issued a $11.00 target price on shares of Bancorp in a report on Friday, January 12th. Zacks Investment Research cut Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $9.00 price target on shares of Bancorp in a research note on Friday, November 10th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $9.75.
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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