Piper Sandler Reaffirms “Overweight” Rating for Bancorp (NASDAQ:TBBK)

Bancorp (NASDAQ:TBBK)‘s stock had its “overweight” rating reissued by equities researchers at Piper Sandler in a research note issued to investors on Monday, Benzinga reports. They presently have a $62.00 target price on the bank’s stock, down from their previous target price of $75.00. Piper Sandler‘s price target points to a potential upside of 24.94% from the stock’s current price.

A number of other analysts have also recently commented on the stock. Bank of America restated a “buy” rating on shares of Bancorp in a research note on Monday, July 20th. Weiss Ratings upgraded shares of Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $60.00 target price on shares of Bancorp in a report on Tuesday, October 20th. DA Davidson set a $64.00 target price on shares of Bancorp in a report on Tuesday, October 20th. Finally, Stephens restated an “equal weight” rating and set a $59.00 target price on shares of Bancorp in a research report on Wednesday, October 21st. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $62.25.

Bancorp Stock Performance

Bancorp stock traded up $1.38 during midday trading on Monday, reaching $49.62. The stock had a trading volume of 188,178 shares, compared to its average volume of 520,104. The firm has a market capitalization of $2.02 billion, a PE ratio of 8.75 and a beta of 1.20. Bancorp has a 12 month low of $45.08 and a 12 month high of $73.02. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average price is $51.68 and its 200 day moving average price is $58.04.

Bancorp (NASDAQ:TBBK) last issued its earnings results on Thursday, October 29th. The bank reported $1.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.47. The firm had revenue of $135.89 million during the quarter, compared to analyst estimates of $154.86 million. Bancorp had a net margin of 28.50% and a return on equity of 34.29%. As a group, research analysts predict that Bancorp will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Bancorp

In related news, Director Matthew Cohn purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were purchased at an average cost of $45.54 per share, for a total transaction of $45,540.00. Following the completion of the transaction, the director directly owned 63,111 shares in the company, valued at approximately $2,874,074.94. This represents a 1.61% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephanie Mudick purchased 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 4th. The shares were bought at an average price of $47.49 per share, for a total transaction of $47,490.00. Following the completion of the transaction, the director owned 45,150 shares of the company’s stock, valued at approximately $2,144,173.50. This trade represents a 2.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 6.00% of the stock is owned by insiders.

Institutional Trading of Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of TBBK. Janney Montgomery Scott LLC boosted its holdings in Bancorp by 4.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,856 shares of the bank’s stock valued at $368,000 after purchasing an additional 267 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Bancorp in the second quarter worth $25,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Bancorp by 11.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,519 shares of the bank’s stock worth $248,000 after purchasing an additional 458 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in shares of Bancorp in the third quarter worth $26,000. Finally, Versant Capital Management Inc raised its position in shares of Bancorp by 177.3% in the third quarter. Versant Capital Management Inc now owns 1,198 shares of the bank’s stock worth $58,000 after buying an additional 766 shares in the last quarter. Institutional investors own 96.22% of the company’s stock.

About Bancorp

The Bancorp, Inc is a financial holding company based in Wilmington, Delaware. Through its subsidiary, The Bancorp Bank, National Association, it provides banking and financial services primarily to businesses and other organizations rather than operating a traditional branch-focused consumer bank.

The company’s services include payment and card programs, such as prepaid and debit card solutions, along with payment processing and banking services for fintech companies and other partners.