Raymond James Financial, Inc. upgraded shares of The Bancorp, Inc. (NASDAQ:TBBK) from a market perform rating to an outperform rating in a report released on Monday, July 31st, Marketbeat Ratings reports.
Several other brokerages also recently weighed in on TBBK. UBS AG upgraded The Bancorp from a market perform rating to an outperform rating in a report on Monday, July 31st. Zacks Investment Research downgraded The Bancorp from a buy rating to a hold rating in a report on Tuesday, July 4th. ValuEngine upgraded The Bancorp from a sell rating to a hold rating in a report on Wednesday, June 28th. Piper Jaffray Companies reiterated a hold rating and issued a $6.50 price objective on shares of The Bancorp in a report on Friday, July 14th. Finally, TheStreet upgraded The Bancorp from a d+ rating to a c- rating in a report on Tuesday, June 27th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $7.75.
Shares of The Bancorp (TBBK) opened at 7.68 on Monday. The company’s market cap is $428.21 million. The company’s 50-day moving average price is $7.62 and its 200-day moving average price is $6.18. The Bancorp has a 12 month low of $4.41 and a 12 month high of $8.20.
The Bancorp (NASDAQ:TBBK) last issued its quarterly earnings results on Thursday, July 27th. The bank reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 company had revenue of $45.39 million for the quarter, compared to the consensus estimate of $42.40 million. Equities analysts forecast that The Bancorp will post $0.48 EPS for the current fiscal year.
In other news, EVP Mark Leo Connolly bought 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was purchased at an average cost of $6.57 per share, with a total value of $262,800.00. Following the transaction, the executive vice president now directly owns 44,762 shares in the company, valued at $294,086.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Castle Creek Capital Partners bought 93,700 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was purchased at an average cost of $7.50 per share, with a total value of $702,750.00. The disclosure for this purchase can be found here. In the last quarter, 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.
Several hedge funds have recently made changes to their positions in TBBK. State Street Corp boosted its stake in shares of The Bancorp by 26.3% in the fourth quarter. State Street Corp now owns 736,929 shares of the bank’s stock worth $5,792,000 after buying an additional 153,310 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of The Bancorp by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,304,844 shares of the bank’s stock worth $18,116,000 after buying an additional 313,419 shares during the period. Renaissance Technologies LLC boosted its stake in shares of The Bancorp by 79.0% in the fourth quarter. Renaissance Technologies LLC now owns 165,800 shares of the bank’s stock worth $1,303,000 after buying an additional 73,200 shares during the period. Metropolitan Life Insurance Co. NY boosted its stake in shares of The Bancorp by 31.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 33,798 shares of the bank’s stock worth $266,000 after buying an additional 8,087 shares during the period. Finally, Teachers Advisors LLC boosted its stake in shares of The Bancorp by 36.9% in the fourth quarter. Teachers Advisors LLC now owns 98,724 shares of the bank’s stock worth $776,000 after buying an additional 26,624 shares during the period. 79.62% of the stock is owned by hedge funds and other institutional investors.
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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