Bank of America Corp DE raised its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 7.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 555,847 shares of the bank’s stock after buying an additional 40,680 shares during the period. Bank of America Corp DE owned 1.00% of The Bancorp worth $2,835,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. American International Group Inc. increased its stake in The Bancorp by 51.8% in the first quarter. American International Group Inc. now owns 30,605 shares of the bank’s stock valued at $156,000 after buying an additional 10,447 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in The Bancorp by 31.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 33,798 shares of the bank’s stock valued at $266,000 after buying an additional 8,087 shares during the last quarter. Sei Investments Co. increased its stake in The Bancorp by 380.5% in the first quarter. Sei Investments Co. now owns 54,902 shares of the bank’s stock valued at $280,000 after buying an additional 43,475 shares during the last quarter. Swiss National Bank increased its stake in The Bancorp by 43.5% in the first quarter. Swiss National Bank now owns 91,100 shares of the bank’s stock valued at $465,000 after buying an additional 27,600 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in The Bancorp by 9.4% in the first quarter. First Trust Advisors LP now owns 102,115 shares of the bank’s stock valued at $521,000 after buying an additional 8,778 shares during the last quarter. 79.62% of the stock is owned by institutional investors and hedge funds.
The Bancorp, Inc. (TBBK) opened at 7.68 on Friday. The company’s market capitalization is $428.21 million. The Bancorp, Inc. has a 52 week low of $4.41 and a 52 week high of $8.20. The firm’s 50-day moving average price is $7.62 and its 200 day moving average price is $6.18.
The Bancorp (NASDAQ:TBBK) last released its earnings results on Thursday, July 27th. The bank reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. The Bancorp had a negative return on equity of 4.27% and a negative net margin of 16.27%. The firm had revenue of $45.39 million for the quarter, compared to analysts’ expectations of $42.40 million. Equities research analysts expect that The Bancorp, Inc. will post $0.48 earnings per share for the current fiscal year.
Several research firms recently issued reports on TBBK. Zacks Investment Research raised shares of The Bancorp from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Wednesday, June 7th. BidaskClub cut The Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. UBS AG upgraded The Bancorp from a “market perform” rating to an “outperform” rating in a research note on Monday, July 31st. BTIG Research upgraded The Bancorp from a “neutral” rating to a “buy” rating and set a $8.00 price objective on the stock in a research note on Monday, May 1st. Finally, TheStreet cut The Bancorp from a “c-” rating to a “d” rating in a research note on Monday, April 24th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The Bancorp has a consensus rating of “Buy” and a consensus price target of $7.75.
In other The Bancorp news, Director Castle Creek Capital Partners acquired 93,700 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were bought at an average cost of $7.50 per share, with a total value of $702,750.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Walter T. Beach sold 106,784 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $7.74, for a total value of $826,508.16. Following the sale, the director now directly owns 122,640 shares in the company, valued at $949,233.60. The disclosure for this sale can be found here. Over the last three months, insiders bought 423,198 shares of company stock worth $3,057,987 and sold 286,973 shares worth $1,935,818. Corporate insiders own 12.40% of the company’s stock.
About The Bancorp
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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