Penn Capital Management Company LLC Purchases Shares of 179,035 The Bancorp, Inc. $TBBK

Penn Capital Management Company LLC acquired a new stake in The Bancorp, Inc. (NASDAQ:TBBK) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 179,035 shares of the bank’s stock, valued at approximately $13,422,000. Penn Capital Management Company LLC owned 0.41% of Bancorp at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Rothschild Investment LLC raised its position in shares of Bancorp by 213.6% in the third quarter. Rothschild Investment LLC now owns 345 shares of the bank’s stock valued at $26,000 after purchasing an additional 235 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Bancorp by 78.6% during the 3rd quarter. Bessemer Group Inc. now owns 400 shares of the bank’s stock worth $30,000 after buying an additional 176 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in Bancorp by 732.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 749 shares of the bank’s stock valued at $56,000 after buying an additional 659 shares during the last quarter. Lazard Asset Management LLC bought a new position in Bancorp in the 2nd quarter valued at about $53,000. Finally, Covestor Ltd raised its holdings in Bancorp by 3,525.0% in the 3rd quarter. Covestor Ltd now owns 1,015 shares of the bank’s stock valued at $76,000 after acquiring an additional 987 shares during the period. 96.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bancorp news, EVP Ryan Harris sold 4,500 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $53.18, for a total transaction of $239,310.00. Following the transaction, the executive vice president owned 150,516 shares in the company, valued at $8,004,440.88. This trade represents a 2.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Cohn acquired 680 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was bought at an average cost of $62.14 per share, with a total value of $42,255.20. Following the completion of the acquisition, the director directly owned 3,655 shares in the company, valued at approximately $227,121.70. This represents a 22.86% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 9,080 shares of company stock worth $548,933. 5.20% of the stock is owned by corporate insiders.

Bancorp Stock Performance

NASDAQ TBBK opened at $53.14 on Wednesday. The firm has a 50-day moving average price of $60.93 and a two-hundred day moving average price of $67.32. The Bancorp, Inc. has a 12-month low of $40.51 and a 12-month high of $81.65. The company has a market capitalization of $2.24 billion, a P/E ratio of 10.80 and a beta of 1.31. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

Bancorp (NASDAQ:TBBK) last announced its earnings results on Thursday, January 29th. The bank reported $1.28 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.18). Bancorp had a return on equity of 28.91% and a net margin of 25.94%.The business had revenue of $132.21 million for the quarter, compared to the consensus estimate of $101.10 million. Analysts anticipate that The Bancorp, Inc. will post 5.31 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TBBK shares. Wolfe Research set a $57.00 price objective on Bancorp in a report on Monday, February 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Bancorp in a research note on Monday, December 29th. Bank of America set a $60.00 price target on Bancorp in a report on Wednesday, January 21st. Piper Sandler initiated coverage on Bancorp in a report on Thursday, March 12th. They issued an “overweight” rating and a $66.00 price objective on the stock. Finally, Zacks Research cut Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.50.

Bancorp Profile

The Bancorp, Inc (NASDAQ: TBBK) is a Delaware-chartered bank holding company that provides a range of banking and financial services to individuals, businesses, and financial institutions across the United States. Through its subsidiary, The Bancorp Bank, the company offers FDIC-insured deposit accounts, cash management solutions and specialized lending products. Its business model focuses on partnering with fintech firms, asset managers and payment processors to deliver integrated banking-as-a-service (BaaS) capabilities.

The company’s product suite includes interest-bearing and non-interest-bearing checking accounts, money market accounts, certificates of deposit and debit and credit card services.