Bancorp (NASDAQ:TBBK) Now Covered by Piper Sandler

Key Points

• Piper Sandler initiated coverage with an "overweight" rating and a $66 price target, implying roughly a 25.7% upside from the current stock price.
• Bancorp reported quarterly EPS of $1.28 versus estimates of $1.46 (a miss) while revenue beat at $132.21M, and the bank posted a strong net margin (25.94%) and ROE (28.91%).
• Directors have recently purchased shares (9,080 shares bought in the last 90 days) and institutional ownership is very high at 96.22%; the stock trades near $52.52 with a market cap of about $2.22B.

Equities researchers at Piper Sandler initiated coverage on shares of Bancorp (NASDAQ:TBBK - Get Free Report) in a research note issued to investors on Thursday. The firm set an "overweight" rating and a $66.00 price target on the bank's stock. Piper Sandler's price target would suggest a potential upside of 25.68% from the company's current price.

TBBK has been the topic of a number of other research reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Bancorp in a research note on Monday, December 29th. Bank of America set a $60.00 price objective on shares of Bancorp in a report on Wednesday, January 21st. Wolfe Research set a $57.00 price objective on shares of Bancorp in a research report on Monday, February 9th. Zacks Research cut Bancorp from a "hold" rating to a "strong sell" rating in a report on Tuesday, February 3rd. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Bancorp in a research note on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.50.

Bancorp Trading Down 0.4%

Shares of Bancorp stock traded down $0.22 during trading hours on Thursday, hitting $52.52. The company's stock had a trading volume of 87,985 shares, compared to its average volume of 656,493. Bancorp has a 12 month low of $40.51 and a 12 month high of $81.65. The stock has a 50 day moving average of $62.15 and a 200 day moving average of $68.02. The company has a market capitalization of $2.22 billion, a PE ratio of 10.73 and a beta of 1.31. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86.

Bancorp (NASDAQ:TBBK - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.18). Bancorp had a net margin of 25.94% and a return on equity of 28.91%. The business had revenue of $132.21 million during the quarter, compared to analyst estimates of $101.10 million. Analysts predict that Bancorp will post 5.31 earnings per share for the current year.

Insider Activity at Bancorp

In related news, Director Matthew Cohn bought 680 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The shares were acquired at an average price of $62.14 per share, for a total transaction of $42,255.20. Following the completion of the acquisition, the director owned 3,655 shares of the company's stock, valued at approximately $227,121.70. The trade was a 22.86% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mark E. Tryniski purchased 5,000 shares of Bancorp stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $60.23 per share, with a total value of $301,150.00. Following the completion of the transaction, the director directly owned 18,966 shares of the company's stock, valued at approximately $1,142,322.18. The trade was a 35.80% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 9,080 shares of company stock valued at $548,933. Corporate insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in TBBK. Invesco Ltd. increased its stake in shares of Bancorp by 4.8% during the 3rd quarter. Invesco Ltd. now owns 2,781,772 shares of the bank's stock worth $208,327,000 after purchasing an additional 126,302 shares during the last quarter. American Century Companies Inc. lifted its stake in Bancorp by 3.3% in the 2nd quarter. American Century Companies Inc. now owns 2,715,553 shares of the bank's stock valued at $154,705,000 after purchasing an additional 86,721 shares during the last quarter. Geode Capital Management LLC grew its holdings in Bancorp by 0.5% during the second quarter. Geode Capital Management LLC now owns 1,373,686 shares of the bank's stock worth $78,266,000 after purchasing an additional 7,405 shares during the period. Owls Nest Partners IA LLC grew its holdings in Bancorp by 6.4% during the second quarter. Owls Nest Partners IA LLC now owns 1,265,404 shares of the bank's stock worth $72,090,000 after purchasing an additional 75,635 shares during the period. Finally, Franklin Resources Inc. increased its position in Bancorp by 11.5% during the second quarter. Franklin Resources Inc. now owns 1,112,816 shares of the bank's stock worth $63,397,000 after buying an additional 114,846 shares during the last quarter. 96.22% of the stock is owned by institutional investors.

Bancorp Company Profile

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.

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