The Bancorp, Inc. (NASDAQ:TBBK) issued its earnings results on Thursday. The bank reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04, Morningstar.com reports. The Bancorp had a negative return on equity of 4.32% and a negative net margin of 50.29%. The firm had revenue of $45.39 million for the quarter, compared to analysts’ expectations of $42.40 million.
The Bancorp (NASDAQ TBBK) traded up 1.99% during trading on Friday, hitting $7.70. The stock had a trading volume of 382,138 shares. The firm’s market capitalization is $428.81 million. The stock has a 50 day moving average of $7.40 and a 200 day moving average of $6.12. The Bancorp has a one year low of $4.41 and a one year high of $8.20.
TBBK has been the topic of several recent analyst reports. BTIG Research upgraded The Bancorp from a “neutral” rating to a “buy” rating and set a $8.00 price objective on the stock in a report on Monday, May 1st. Zacks Investment Research cut The Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. TheStreet cut The Bancorp from a “c-” rating to a “d” rating in a report on Monday, April 24th. Piper Jaffray Companies reiterated a “hold” rating and set a $6.50 price objective on shares of The Bancorp in a report on Friday, July 14th. Finally, BidaskClub cut The Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The Bancorp presently has a consensus rating of “Hold” and an average target price of $7.45.
In related news, Director Walter T. Beach sold 41,360 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $6.19, for a total transaction of $256,018.40. Following the sale, the director now owns 296,829 shares in the company, valued at approximately $1,837,371.51. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Walter T. Beach sold 33,640 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $6.26, for a total value of $210,586.40. Following the sale, the director now owns 362,829 shares in the company, valued at approximately $2,271,309.54. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 104,498 shares of company stock worth $687,987 and have sold 180,189 shares worth $1,109,310. 12.40% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in shares of 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 buying an additional 10,895 shares during the last quarter. American International Group Inc. raised its stake in shares of 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 buying an additional 10,447 shares during the last quarter. Metropolitan Life Insurance Co. NY raised 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 valued at $266,000 after buying an additional 8,087 shares during the last quarter. Sei Investments Co. raised its stake in shares of The Bancorp by 380.5% in the first quarter. Sei Investments Co. now owns 54,902 shares of the bank’s stock valued at $280,000 after buying an additional 43,475 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of The Bancorp by 43.5% in the first quarter. Swiss National Bank now owns 91,100 shares of the bank’s stock valued at $465,000 after buying an additional 27,600 shares during the last quarter. Institutional investors own 76.98% of the company’s stock.
The Bancorp Company Profile
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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