Jupiter Asset Management Ltd. Increases Stock Holdings in The Bancorp, Inc. (NASDAQ:TBBK)

Key Points

• Jupiter Asset Management Ltd. increased its holdings in The Bancorp, Inc. by 741.9% in the 1st quarter, acquiring a total of 428,942 shares valued at approximately $22.67 million.
• Several large investors also boosted their stakes in Bancorp, with notable increases from Invesco Ltd. (26.2%) and Nantahala Capital Management LLC (65.7%) during the 4th quarter.
• Wall Street analysts have a generally positive outlook on Bancorp, with a mix of ratings including a recent upgrade to "strong-buy" from Raymond James Financial and an average stock price target of $62.00.

Jupiter Asset Management Ltd. grew its position in The Bancorp, Inc. (NASDAQ:TBBK - Free Report) by 741.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 428,942 shares of the bank's stock after purchasing an additional 377,993 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.89% of Bancorp worth $22,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its stake in Bancorp by 45.2% during the first quarter. GAMMA Investing LLC now owns 1,465 shares of the bank's stock valued at $77,000 after purchasing an additional 456 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Bancorp in the first quarter worth about $169,000. Ethic Inc. bought a new position in Bancorp in the 4th quarter worth about $209,000. Wedbush Securities Inc. bought a new position in Bancorp in the 4th quarter worth about $213,000. Finally, Yorktown Management & Research Co Inc bought a new position in Bancorp in the 1st quarter worth about $227,000. 96.22% of the stock is currently owned by institutional investors.

Bancorp Price Performance

NASDAQ:TBBK traded up $1.99 during trading hours on Monday, hitting $64.48. 565,931 shares of the stock were exchanged, compared to its average volume of 588,386. The firm's fifty day moving average price is $58.02 and its 200 day moving average price is $54.75. The Bancorp, Inc. has a 52-week low of $40.51 and a 52-week high of $70.63. The company has a market cap of $3.01 billion, a P/E ratio of 13.87 and a beta of 1.30. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 0.14.

Bancorp (NASDAQ:TBBK - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.01. The firm had revenue of $138.00 million for the quarter, compared to analyst estimates of $94.87 million. Bancorp had a return on equity of 27.24% and a net margin of 32.85%. As a group, equities research analysts anticipate that The Bancorp, Inc. will post 5.31 EPS for the current fiscal year.

Insider Activity

In related news, CEO Damian Kozlowski sold 141,213 shares of Bancorp stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $64.84, for a total transaction of $9,156,250.92. Following the transaction, the chief executive officer owned 816,443 shares in the company, valued at approximately $52,938,164.12. This trade represents a 14.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Cohn bought 1,350 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was bought at an average price of $64.80 per share, with a total value of $87,480.00. Following the completion of the acquisition, the director owned 1,350 shares in the company, valued at $87,480. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 1,912 shares of company stock worth $122,856 and sold 300,000 shares worth $19,260,310. Company insiders own 5.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wall Street Zen cut shares of Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Oppenheimer restated an "outperform" rating on shares of Bancorp in a report on Friday, July 18th. Barclays restated a "buy" rating on shares of Bancorp in a report on Monday, July 7th. Raymond James Financial upgraded shares of Bancorp from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, July 7th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $65.00 price target on shares of Bancorp in a report on Friday, July 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $62.00.

Bancorp Company Profile

The Bancorp, Inc operates as the bank 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, time, money market, and commercial accounts; overdrafts; and certificates of deposit.