The Bancorp, Inc. (NASDAQ:TBBK) Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in The Bancorp, Inc. by 26.7% in the first quarter, acquiring an additional 31,891 shares to hold a total of 151,273 shares valued at approximately $7.99 million.
• In recent insider trading, CEO Damian Kozlowski sold 141,213 shares for over $9.15 million, reflecting a 14.75% decrease in his ownership, while director Matthew Cohn bought 1,350 shares worth $87,480.
• Analysts have recently upgraded Bancorp's rating, with Raymond James and Jefferies assigning a "strong-buy" and "buy" rating respectively, highlighting the company's momentum amid a consensus price target of $62.00.

Public Sector Pension Investment Board lifted its position in shares of The Bancorp, Inc. (NASDAQ:TBBK - Free Report) by 26.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 151,273 shares of the bank's stock after buying an additional 31,891 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.32% of Bancorp worth $7,993,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TBBK. GAMMA Investing LLC raised its stake in shares of Bancorp by 45.2% during the 1st quarter. GAMMA Investing LLC now owns 1,465 shares of the bank's stock worth $77,000 after buying an additional 456 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Bancorp during the 1st quarter worth about $169,000. Ethic Inc. purchased a new stake in Bancorp during the 4th quarter worth about $209,000. Entropy Technologies LP purchased a new stake in Bancorp during the 1st quarter worth about $209,000. Finally, Yorktown Management & Research Co Inc purchased a new stake in Bancorp during the 1st quarter worth about $227,000. Institutional investors and hedge funds own 96.22% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on TBBK. Morgan Stanley reiterated an "overweight" rating and set a $52.00 price objective on shares of Bancorp in a research report on Friday, July 18th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $65.00 price objective on shares of Bancorp in a research report on Friday, July 11th. Oppenheimer reiterated an "outperform" rating on shares of Bancorp in a research report on Friday, July 18th. Jefferies Financial Group upgraded Bancorp to a "buy" rating in a research report on Monday, July 7th. Finally, Barclays reiterated a "buy" rating on shares of Bancorp in a research report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $62.00.

Insider Activity

In other news, Director Matthew Cohn acquired 1,350 shares of Bancorp stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $64.80 per share, with a total value of $87,480.00. Following the purchase, the director directly owned 1,350 shares of the company's stock, valued at approximately $87,480. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Damian Kozlowski sold 141,213 shares of Bancorp stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $64.84, for a total value of $9,156,250.92. Following the completion of the transaction, the chief executive officer directly owned 816,443 shares in the company, valued at $52,938,164.12. This represents a 14.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 2,462 shares of company stock worth $157,786 and sold 300,000 shares worth $19,260,310. Insiders own 5.60% of the company's stock.

Bancorp Trading Down 2.5%

TBBK traded down $1.70 during midday trading on Friday, hitting $66.11. The company's stock had a trading volume of 693,473 shares, compared to its average volume of 831,536. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 0.14. The firm has a market cap of $3.05 billion, a P/E ratio of 14.22 and a beta of 1.30. The firm has a 50-day moving average price of $60.81 and a two-hundred day moving average price of $55.42. The Bancorp, Inc. has a 52-week low of $40.51 and a 52-week high of $70.63.

Bancorp (NASDAQ:TBBK - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $1.27 EPS for the quarter, beating the consensus estimate of $1.26 by $0.01. The company had revenue of $138.00 million during the quarter, compared to analysts' expectations of $94.87 million. Bancorp had a return on equity of 27.24% and a net margin of 27.16%. On average, research analysts anticipate that The Bancorp, Inc. will post 5.31 earnings per share for the current year.

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.