Whittier Trust Co. of Nevada Inc. Sells 73,930 Shares of The Bancorp, Inc. $TBBK

Whittier Trust Co. of Nevada Inc. trimmed its holdings in The Bancorp, Inc. (NASDAQ:TBBK) by 98.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,122 shares of the bank’s stock after selling 73,930 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Bancorp were worth $63,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in shares of Bancorp by 98.2% during the 1st quarter. Royal Bank of Canada now owns 76,696 shares of the bank’s stock worth $4,052,000 after acquiring an additional 37,993 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Bancorp by 15.9% during the 1st quarter. AQR Capital Management LLC now owns 16,734 shares of the bank’s stock valued at $884,000 after purchasing an additional 2,296 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Bancorp by 1.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,183 shares of the bank’s stock worth $1,436,000 after purchasing an additional 518 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Bancorp by 6.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 147,523 shares of the bank’s stock worth $7,795,000 after purchasing an additional 8,454 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Bancorp by 145.8% in the first quarter. Jane Street Group LLC now owns 128,173 shares of the bank’s stock valued at $6,773,000 after purchasing an additional 76,027 shares during the last quarter. 96.22% of the stock is currently owned by institutional investors.

Insider Transactions at Bancorp

In other news, EVP Erika R. Caesar sold 4,470 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $60.28, for a total transaction of $269,451.60. Following the sale, the executive vice president directly owned 32,880 shares in the company, valued at approximately $1,982,006.40. The trade was a 11.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Maria Wainwright sold 8,400 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $60.24, for a total transaction of $506,016.00. Following the completion of the transaction, the chief marketing officer owned 24,942 shares of the company’s stock, valued at approximately $1,502,506.08. This trade represents a 25.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on TBBK. Zacks Research raised shares of Bancorp from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Piper Sandler assumed coverage on shares of Bancorp in a report on Thursday, March 12th. They set an “overweight” rating and a $66.00 target price for the company. Weiss Ratings upgraded shares of Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, June 30th. Finally, Wall Street Zen raised shares of Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.50.

Bancorp Trading Down 3.9%

Shares of Bancorp stock opened at $63.03 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The Bancorp, Inc. has a 12-month low of $50.20 and a 12-month high of $81.65. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 12.26 and a beta of 1.19. The firm’s 50-day moving average price is $57.50 and its two-hundred day moving average price is $59.58.

Bancorp (NASDAQ:TBBK) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.07. The business had revenue of $132.50 million during the quarter, compared to the consensus estimate of $189.17 million. Bancorp had a return on equity of 30.56% and a net margin of 26.92%. On average, analysts forecast that The Bancorp, Inc. will post 5.95 earnings per share for the current fiscal year.

About Bancorp

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.