Bancorp (NASDAQ:TBBK) Upgraded by Keefe, Bruyette & Woods to Outperform Rating

Key Points

• Keefe, Bruyette & Woods upgraded Bancorp from “market perform” to “outperform” and lifted its price target to $77 from $72, implying about 22% upside from the current price.
• Other analysts have also turned more positive, with recent upgrades from Zacks Research, Wall Street Zen, and Weiss Ratings. The stock now carries a Moderate Buy consensus and an average price target of $61.50.
• Bancorp shares were down 3.9% to $63.03, even after the upgrade. The company recently beat quarterly EPS estimates, but revenue came in below expectations, while insiders also sold shares in late April.

Bancorp (NASDAQ:TBBK - Get Free Report) was upgraded by equities researchers at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a research report issued on Thursday,Benzinga reports. The firm presently has a $77.00 price objective on the bank's stock, up from their prior price objective of $72.00. Keefe, Bruyette & Woods' target price would suggest a potential upside of 22.16% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Zacks Research upgraded Bancorp from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Wall Street Zen upgraded Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, April 25th. Weiss Ratings raised Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, June 30th. Finally, Piper Sandler initiated coverage on Bancorp in a research note on Thursday, March 12th. They issued an "overweight" rating and a $66.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.50.

Bancorp Stock Down 3.9%

TBBK stock opened at $63.03 on Thursday. The firm has a market cap of $2.62 billion, a PE ratio of 12.26 and a beta of 1.19. Bancorp has a 12 month low of $50.20 and a 12 month high of $81.65. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a 50 day simple moving average of $57.50 and a 200 day simple moving average of $59.58.

Bancorp (NASDAQ:TBBK - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.07. Bancorp had a return on equity of 30.56% and a net margin of 26.92%.The company had revenue of $132.50 million for the quarter, compared to analysts' expectations of $189.17 million. Equities research analysts forecast that Bancorp will post 5.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Erika R. Caesar sold 4,470 shares of the firm's stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $60.28, for a total value of $269,451.60. Following the completion of the sale, the executive vice president owned 32,880 shares of the company's stock, valued at $1,982,006.40. This trade represents a 11.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CMO Maria Wainwright sold 8,400 shares of Bancorp stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $60.24, for a total value of $506,016.00. Following the transaction, the chief marketing officer owned 24,942 shares in the company, valued at $1,502,506.08. This represents a 25.19% decrease in their position. The SEC filing for this sale provides additional information. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Bancorp

A number of hedge funds have recently made changes to their positions in the stock. Hilton Head Capital Partners LLC purchased a new position in Bancorp during the fourth quarter valued at approximately $27,000. Northwestern Mutual Wealth Management Co. lifted its position in Bancorp by 732.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 749 shares of the bank's stock worth $56,000 after buying an additional 659 shares in the last quarter. IFP Advisors Inc purchased a new stake in Bancorp in the 3rd quarter worth approximately $66,000. Lazard Asset Management LLC acquired a new stake in shares of Bancorp during the 2nd quarter valued at $53,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Bancorp during the 4th quarter valued at $68,000. 96.22% of the stock is owned by hedge funds and other 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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