Geode Capital Management LLC Has $88.61 Million Position in The Bancorp, Inc. $TBBK

Geode Capital Management LLC lessened its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) by 4.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,312,222 shares of the bank’s stock after selling 58,820 shares during the quarter. Geode Capital Management LLC owned about 2.99% of Bancorp worth $88,614,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its position in shares of Bancorp by 284.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 41,996 shares of the bank’s stock worth $3,145,000 after purchasing an additional 31,085 shares in the last quarter. Public Sector Pension Investment Board boosted its position in shares of Bancorp by 12.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 179,654 shares of the bank’s stock worth $13,454,000 after purchasing an additional 20,413 shares in the last quarter. TD Asset Management Inc bought a new position in shares of Bancorp during the 3rd quarter worth about $7,642,000. Penn Capital Management Company LLC bought a new position in shares of Bancorp during the 3rd quarter worth about $13,422,000. Finally, Kennedy Capital Management LLC boosted its position in shares of Bancorp by 57.4% during the 3rd quarter. Kennedy Capital Management LLC now owns 281,256 shares of the bank’s stock worth $21,063,000 after purchasing an additional 102,534 shares in the last quarter. Institutional investors own 96.22% of the company’s stock.

Bancorp Price Performance

Bancorp stock opened at $54.11 on Monday. The Bancorp, Inc. has a 52 week low of $49.36 and a 52 week high of $81.65. The company’s 50 day moving average price is $56.57 and its two-hundred day moving average price is $60.51. 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 stock has a market cap of $2.25 billion, a P/E ratio of 10.53 and a beta of 1.21.

Bancorp (NASDAQ:TBBK) last posted its earnings results on Thursday, April 23rd. The bank reported $1.41 EPS for the quarter, topping the consensus estimate of $1.34 by $0.07. Bancorp had a net margin of 26.92% and a return on equity of 30.56%. The firm had revenue of $132.50 million for the quarter, compared to analysts’ expectations of $189.17 million. On average, equities analysts predict that The Bancorp, Inc. will post 5.95 earnings per share for the current year.

Insiders Place Their Bets

In other Bancorp news, CMO Maria Wainwright sold 8,400 shares of Bancorp 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 transaction, the chief marketing officer owned 24,942 shares of the company’s stock, valued at $1,502,506.08. This trade represents a 25.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Erika R. Caesar sold 4,470 shares of Bancorp stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $60.28, for a total transaction of $269,451.60. Following the transaction, the executive vice president directly owned 32,880 shares in the company, valued at approximately $1,982,006.40. This represents a 11.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,370 shares of company stock valued at $1,014,778 in the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TBBK shares. Piper Sandler started coverage on shares of Bancorp in a research report on Thursday, March 12th. They set an “overweight” rating and a $66.00 price objective on the stock. Zacks Research raised shares of Bancorp from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Weiss Ratings cut shares of Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Wolfe Research set a $57.00 price target on shares of Bancorp in a research report on Monday, February 9th. Finally, Wall Street Zen raised shares of Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.50.

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.