JPMorgan Chase & Co. Lowers Holdings in The Bancorp, Inc. $TBBK

Key Points

• JPMorgan Chase & Co. trimmed its stake in The Bancorp by 44.3% in Q3, selling 112,141 shares and retaining 141,250 shares valued at about $10.58 million.
• Wall Street's consensus on TBBK is a Moderate Buy with a $58.20 target, reflecting mixed analyst views (one Strong Buy, six Buy, two Hold, one Sell).
• Company insiders increased holdings during the quarter — Director Mark Tryniski bought 5,000 shares at roughly $60.23 and Matthew Cohn bought 680 shares, with insiders purchasing 9,080 shares (~$548,933) overall and owning 5.6% of the stock.

JPMorgan Chase & Co. trimmed its holdings in The Bancorp, Inc. (NASDAQ:TBBK - Free Report) by 44.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,250 shares of the bank's stock after selling 112,141 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.31% of Bancorp worth $10,578,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TBBK. Bessemer Group Inc. grew its position in shares of Bancorp by 78.6% during the third quarter. Bessemer Group Inc. now owns 400 shares of the bank's stock valued at $30,000 after purchasing an additional 176 shares in the last quarter. Lazard Asset Management LLC bought a new position in Bancorp during the second quarter valued at approximately $53,000. Covestor Ltd grew its holdings in Bancorp by 3,525.0% during the 3rd quarter. Covestor Ltd now owns 1,015 shares of the bank's stock valued at $76,000 after buying an additional 987 shares in the last quarter. GAMMA Investing LLC grew its holdings in Bancorp by 19.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,588 shares of the bank's stock valued at $119,000 after buying an additional 261 shares in the last quarter. Finally, Strs Ohio bought a new stake in Bancorp in the 3rd quarter worth approximately $127,000. 96.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TBBK. Zacks Research lowered shares of Bancorp from a "hold" rating to a "strong sell" rating in a report on Tuesday, February 3rd. Piper Sandler reissued an "overweight" rating on shares of Bancorp in a research note on Monday, February 9th. Bank of America set a $60.00 target price on shares of Bancorp in a research report on Wednesday, January 21st. Weiss Ratings reiterated a "hold (c+)" rating on shares of Bancorp in a research report on Monday, December 29th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Bancorp in a research note on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.20.

Bancorp Price Performance

TBBK stock opened at $54.78 on Friday. The stock has a market cap of $2.31 billion, a PE ratio of 11.13 and a beta of 1.31. The Bancorp, Inc. has a 12 month low of $40.51 and a 12 month high of $81.65. The company has a 50-day moving average price of $63.41 and a 200 day moving average price of $68.43. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32.

Bancorp (NASDAQ:TBBK - Get Free Report) last announced 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). The firm had revenue of $132.21 million during the quarter, compared to the consensus estimate of $101.10 million. Bancorp had a return on equity of 28.91% and a net margin of 25.94%. Equities research analysts anticipate that The Bancorp, Inc. will post 5.31 earnings per share for the current year.

Insider Activity at Bancorp

In other Bancorp news, Director Mark E. Tryniski bought 5,000 shares of the firm's stock in a transaction dated Wednesday, February 4th. The stock was acquired at an average cost of $60.23 per share, for a total transaction of $301,150.00. Following the completion of the transaction, the director owned 18,966 shares in the company, valued at $1,142,322.18. This trade represents a 35.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Cohn bought 680 shares of the stock in a transaction dated Tuesday, February 10th. The shares were bought at an average cost of $62.14 per share, with a total value of $42,255.20. Following the completion of the purchase, the director directly owned 3,655 shares of the company's stock, valued at approximately $227,121.70. This trade represents a 22.86% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 9,080 shares of company stock worth $548,933 in the last quarter. 5.60% of the stock is owned by company insiders.

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.

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