JPMorgan Chase & Co. Trims Stake in The Bancorp, Inc. $TBBK

Key Points

• JPMorgan Chase cut its stake in The Bancorp by 44.3% in Q3, selling 112,141 shares and leaving it with 141,250 shares valued at about $10.58 million (0.32% of the company).
• The Bancorp's latest quarter showed EPS of $1.28, missing estimates ($1.46) while revenue beat; the stock trades at a PE of 10.46 with a $2.17 billion market cap and a 12‑month range of $40.51–$81.65.
• Institutional ownership is high at 96.22% with several funds initiating or increasing positions, analysts rate the stock a "Moderate Buy" on average with a $59.50 target, and insiders have been net buyers recently despite an EVP sale.

JPMorgan Chase & Co. cut its holdings in The Bancorp, Inc. (NASDAQ:TBBK - Free Report) by 44.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 141,250 shares of the bank's stock after selling 112,141 shares during the period. JPMorgan Chase & Co. owned 0.32% of Bancorp worth $10,578,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. IFP Advisors Inc bought a new stake in Bancorp during the 3rd quarter worth approximately $66,000. Penn Capital Management Company LLC bought a new position in shares of Bancorp in the third quarter worth approximately $13,422,000. CIBC Bancorp USA Inc. purchased a new stake in shares of Bancorp in the third quarter worth $364,000. Danske Bank A S purchased a new stake in shares of Bancorp in the third quarter worth $1,198,000. Finally, Dark Forest Capital Management LP bought a new stake in shares of Bancorp during the 3rd quarter valued at $533,000. Hedge funds and other institutional investors own 96.22% of the company's stock.

Bancorp Stock Performance

Bancorp stock opened at $51.48 on Friday. The company's 50-day moving average price is $58.18 and its 200-day moving average price is $66.07. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.17 billion, a PE ratio of 10.46 and a beta of 1.31. The Bancorp, Inc. has a twelve month low of $40.51 and a twelve month high of $81.65.

Bancorp (NASDAQ:TBBK - Get Free Report) last posted 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 company had revenue of $132.21 million during the quarter, compared to the consensus estimate of $101.10 million. Bancorp had a net margin of 25.94% and a return on equity of 28.91%. On average, equities research analysts forecast that The Bancorp, Inc. will post 5.31 EPS for the current fiscal year.

Insider Activity at Bancorp

In other Bancorp news, EVP Ryan Harris sold 4,500 shares of the stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $53.18, for a total transaction of $239,310.00. Following the transaction, the executive vice president directly owned 150,516 shares in the company, valued at $8,004,440.88. This represents a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dominic C. Canuso acquired 2,000 shares of the company's stock in a transaction dated Tuesday, February 10th. The shares were acquired at an average price of $60.54 per share, for a total transaction of $121,080.00. Following the completion of the purchase, the chief financial officer owned 16,169 shares of the company's stock, valued at approximately $978,871.26. This represents a 14.12% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 9,080 shares of company stock valued at $548,933. Company insiders own 5.60% of the company's stock.

Analyst Upgrades and Downgrades

TBBK has been the topic of several research analyst reports. Wolfe Research set a $57.00 price objective on Bancorp in a research report on Monday, February 9th. Bank of America set a $60.00 target price on Bancorp in a research report on Wednesday, January 21st. Weiss Ratings reissued a "hold (c+)" rating on shares of Bancorp in a research note on Monday, December 29th. Piper Sandler assumed coverage on Bancorp in a report on Thursday, March 12th. They issued an "overweight" rating and a $66.00 price target on the stock. Finally, Raymond James Financial restated 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 assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $59.50.

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.

Want to see what other hedge funds are holding TBBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Bancorp, Inc. (NASDAQ:TBBK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.