Putnam Investments LLC increased its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK – Free Report) by 6.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 673,081 shares of the bank’s stock after buying an additional 43,459 shares during the quarter. Putnam Investments LLC owned about 1.23% of Bancorp worth $18,745,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in TBBK. Advisor Group Holdings Inc. boosted its position in Bancorp by 325.8% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,222 shares of the bank’s stock worth $35,000 after acquiring an additional 935 shares during the period. JPMorgan Chase & Co. boosted its position in Bancorp by 121.4% during the 1st quarter. JPMorgan Chase & Co. now owns 77,368 shares of the bank’s stock worth $2,192,000 after acquiring an additional 42,423 shares during the period. Raymond James & Associates boosted its position in Bancorp by 15.8% during the 1st quarter. Raymond James & Associates now owns 19,287 shares of the bank’s stock worth $546,000 after acquiring an additional 2,638 shares during the period. Bank of New York Mellon Corp boosted its position in Bancorp by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 542,380 shares of the bank’s stock worth $15,366,000 after acquiring an additional 12,020 shares during the period. Finally, US Bancorp DE acquired a new position in Bancorp during the 1st quarter worth $87,000. 91.52% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
TBBK has been the subject of a number of analyst reports. Piper Sandler boosted their price target on Bancorp from $42.00 to $46.00 and gave the stock an “overweight” rating in a research report on Monday, July 31st. StockNews.com started coverage on Bancorp in a report on Sunday, August 20th. They issued a “hold” rating for the company. Finally, Raymond James upped their price objective on Bancorp from $38.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, July 31st. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.67.
Insider Activity at Bancorp
In other Bancorp news, EVP Ryan Harris sold 9,000 shares of the company’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $36.50, for a total value of $328,500.00. Following the transaction, the executive vice president now directly owns 109,501 shares of the company’s stock, valued at approximately $3,996,786.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Matthew Cohn purchased 5,868 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was bought at an average price of $37.61 per share, for a total transaction of $220,695.48. Following the purchase, the director now owns 144,423 shares in the company, valued at approximately $5,431,749.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ryan Harris sold 9,000 shares of the company’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $36.50, for a total value of $328,500.00. Following the sale, the executive vice president now owns 109,501 shares of the company’s stock, valued at approximately $3,996,786.50. The disclosure for this sale can be found here. 4.30% of the stock is owned by insiders.
Bancorp Trading Up 0.9 %
Shares of NASDAQ TBBK opened at $36.71 on Friday. The Bancorp, Inc. has a 12 month low of $21.58 and a 12 month high of $41.52. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 12.16 and a beta of 1.48. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $37.06 and a 200-day simple moving average of $33.05.
Bancorp (NASDAQ:TBBK – Get Free Report) last announced its earnings results on Thursday, July 27th. The bank reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bancorp had a return on equity of 23.87% and a net margin of 30.71%. The business had revenue of $116.53 million during the quarter, compared to the consensus estimate of $114.39 million. Sell-side analysts predict that The Bancorp, Inc. will post 3.66 EPS for the current year.
Bancorp Company Profile
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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