Texas Permanent School Fund Corp Has $1.33 Million Stock Position in The Bancorp, Inc. (NASDAQ:TBBK)

Posted by on Aug 1st, 2023

Texas Permanent School Fund Corp raised its position in The Bancorp, Inc. (NASDAQ:TBBK – Free Report) by 32.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,649 shares of the bank’s stock after buying an additional 11,804 shares during the quarter. Texas Permanent School Fund Corp owned about 0.09% of Bancorp worth $1,327,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. grew its stake in shares of Bancorp by 40.1% during the fourth quarter. American Century Companies Inc. now owns 1,608,522 shares of the bank’s stock worth $45,650,000 after buying an additional 460,235 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Bancorp in the fourth quarter worth approximately $10,417,000. Millennium Management LLC increased its position in shares of Bancorp by 364.4% during the fourth quarter. Millennium Management LLC now owns 358,305 shares of the bank’s stock worth $10,169,000 after buying an additional 281,156 shares during the period. Alta Fox Capital Management LLC acquired a new stake in Bancorp during the fourth quarter worth approximately $7,858,000. Finally, State Street Corp increased its stake in shares of Bancorp by 9.6% in the 1st quarter. State Street Corp now owns 2,735,551 shares of the bank’s stock valued at $77,498,000 after acquiring an additional 239,939 shares in the last quarter. Institutional investors own 90.48% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TBBK shares. StockNews.com upgraded shares of Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 15th. Keefe, Bruyette & Woods reduced their target price on Bancorp from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, April 6th. Raymond James upped their price objective on shares of Bancorp from $38.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Piper Sandler raised their price objective on Bancorp from $42.00 to $46.00 and gave the company an “overweight” rating in a research note on Monday. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.67.

Insider Activity at Bancorp

In other Bancorp news, EVP Jennifer F. Terry sold 3,051 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $32.80, for a total transaction of $100,072.80. Following the completion of the sale, the executive vice president now directly owns 21,807 shares in the company, valued at approximately $715,269.60. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Matthew Cohn acquired 2,500 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was purchased at an average price of $36.01 per share, for a total transaction of $90,025.00. Following the completion of the transaction, the director now directly owns 27,853 shares in the company, valued at approximately $1,002,986.53. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jennifer F. Terry sold 3,051 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $32.80, for a total value of $100,072.80. Following the sale, the executive vice president now directly owns 21,807 shares in the company, valued at $715,269.60. The disclosure for this sale can be found here. Insiders bought 3,358 shares of company stock valued at $117,448 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Bancorp Stock Performance

Shares of Bancorp stock opened at $37.90 on Tuesday. The Bancorp, Inc. has a 12 month low of $21.58 and a 12 month high of $41.52. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $34.55 and a two-hundred day simple moving average of $32.11. The firm has a market capitalization of $2.07 billion, a P/E ratio of 12.55 and a beta of 1.44.

About Bancorp

(Free Report)

The Bancorp, Inc operates as the financial holding company for The Bancorp Bank, National Association that provides banking products and services in the United States. It offers a range of deposit products and services, including checking, savings, medical savings, money market, individual retirement, and commercial accounts; certificates of deposit; and payroll cards.

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Institutional Ownership by Quarter for Bancorp (NASDAQ:TBBK)

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