The Bancorp, Inc. (TBBK) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of The Bancorp, Inc. (NASDAQ:TBBK) from a buy rating to a hold rating in a research note published on Tuesday morning.
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. “
Other analysts also recently issued reports about the company. BidaskClub upgraded The Bancorp from a hold rating to a buy rating in a research note on Wednesday, August 23rd. Raymond James Financial, Inc. upgraded The Bancorp from a market perform rating to an outperform rating in a research note on Monday, July 31st. UBS AG upgraded The Bancorp from a market perform rating to an outperform rating in a report on Monday, July 31st. ValuEngine raised The Bancorp from a sell rating to a hold rating in a research report on Wednesday, June 28th. Finally, Piper Jaffray Companies reaffirmed a hold rating and issued a $6.50 target price on shares of The Bancorp in a research report on Friday, July 14th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $7.75.
Shares of The Bancorp (NASDAQ:TBBK) traded down 0.95% on Tuesday, hitting $8.36. 94,048 shares of the stock were exchanged. The firm’s market capitalization is $466.13 million. The company has a 50-day moving average price of $7.89 and a 200-day moving average price of $6.83. The Bancorp has a one year low of $4.41 and a one year high of $8.57.
The Bancorp (NASDAQ:TBBK) last released its quarterly earnings results on Thursday, July 27th. The bank reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.04. The Bancorp had a negative net margin of 16.27% and a negative return on equity of 4.27%. The business had revenue of $45.39 million during the quarter, compared to analyst estimates of $42.40 million. Equities research analysts expect that The Bancorp will post $0.48 earnings per share for the current year.
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In other news, EVP Jeffrey A. Nager acquired 5,000 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were purchased at an average price of $7.82 per share, for a total transaction of $39,100.00. Following the completion of the purchase, the executive vice president now directly owns 10,000 shares of the company’s stock, valued at approximately $78,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Walter T. Beach sold 106,784 shares of the company’s stock in a transaction that occurred 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 owns 122,640 shares in the company, valued at approximately $949,233.60. The disclosure for this sale can be found here. Insiders purchased 323,700 shares of company stock valued at $2,409,100 over the last quarter. Insiders own 12.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. UBS Asset Management Americas Inc. lifted its position in shares of The Bancorp by 0.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 22,000 shares of the bank’s stock worth $167,000 after buying an additional 117 shares during the last quarter. Voya Investment Management LLC lifted its holdings in The Bancorp by 20.4% in the second quarter. Voya Investment Management LLC now owns 24,779 shares of the bank’s stock worth $188,000 after acquiring an additional 4,203 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in The Bancorp by 55.5% in the first quarter. Goldman Sachs Group Inc. now owns 30,510 shares of the bank’s stock valued at $156,000 after acquiring an additional 10,895 shares during the period. American International Group Inc. boosted 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 acquiring an additional 10,447 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its stake in The Bancorp by 9.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 37,059 shares of the bank’s stock valued at $189,000 after acquiring an additional 3,261 shares during the period. Institutional investors own 74.94% 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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