The Bancorp Inc. (TBBK) Upgraded to “Hold” by Zacks Investment Research
The Bancorp Inc. (NASDAQ:TBBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “The Bancorp Bank is a Delaware-chartered, federally insured commercial bank which focuses on service to small and mid-size businesses and their principals in the Philadelphia-Wilmington market area, and on private-label affinity group programs, including merchant card servicing. “
Several other analysts have also recently issued reports on TBBK. BTIG Research reaffirmed a “buy” rating and issued a $10.00 price target on shares of The Bancorp in a report on Monday, July 25th. Raymond James Financial Inc. raised shares of The Bancorp from a “market perform” rating to a “strong-buy” rating and set a $6.50 price target on the stock in a report on Tuesday, August 9th. Finally, TheStreet cut shares of The Bancorp from a “hold” rating to a “sell” rating in a report on Monday, August 29th.
Shares of The Bancorp (NASDAQ:TBBK) opened at 6.95 on Wednesday. The stock has a 50 day moving average of $6.24 and a 200 day moving average of $5.94. The stock’s market cap is $263.02 million. The Bancorp has a one year low of $3.88 and a one year high of $8.20.
The Bancorp (NASDAQ:TBBK) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by $0.24. Equities analysts expect that The Bancorp will post ($1.03) EPS for the current fiscal year.
In other The Bancorp news, CEO Damian Kozlowski bought 9,790 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were bought at an average cost of $4.95 per share, with a total value of $48,460.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Walter T. Beach bought 180,000 shares of the company’s stock in a transaction on Tuesday, October 4th. The shares were acquired at an average cost of $4.50 per share, for a total transaction of $810,000.00. Following the completion of the acquisition, the director now directly owns 337,829 shares of the company’s stock, valued at approximately $1,520,230.50. The disclosure for this purchase can be found here. Company insiders own 7.71% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of The Bancorp during the first quarter worth $125,000. Geode Capital Management LLC boosted its stake in shares of The Bancorp by 2.4% in the first quarter. Geode Capital Management LLC now owns 251,111 shares of the company’s stock worth $1,436,000 after buying an additional 5,952 shares during the period. Renaissance Technologies LLC boosted its stake in shares of The Bancorp by 134.0% in the first quarter. Renaissance Technologies LLC now owns 163,300 shares of the company’s stock worth $934,000 after buying an additional 93,500 shares during the period. Aristotle Capital Boston LLC boosted its stake in shares of The Bancorp by 11.5% in the first quarter. Aristotle Capital Boston LLC now owns 355,708 shares of the company’s stock worth $2,035,000 after buying an additional 36,747 shares during the period. Finally, Eagle Boston Investment Management Inc. boosted its stake in shares of The Bancorp by 2.7% in the second quarter. Eagle Boston Investment Management Inc. now owns 500,493 shares of the company’s stock worth $3,012,000 after buying an additional 13,151 shares during the period. 77.98% of the stock is currently owned by institutional investors.
About The Bancorp
The Bancorp, Inc is a financial holding company, which operates through its subsidiary, The Bancorp Bank (the Bank). The Bank is a chartered commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. The Company operates through three segments: specialty finance, payments and corporate.
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