The Bancorp, Inc. $TBBK Shares Sold by Whittier Trust Co.

Key Points

• Whittier Trust Co. sharply reduced its Bancorp position in Q1, selling 135,375 shares and cutting its stake by 98%, leaving it with just 2,818 shares worth about $158,000.
• Several other institutions were active in Bancorp shares, with firms like Royal Bank of Canada, AQR Capital Management, and Jane Street Group increasing holdings; institutional investors and hedge funds now own 96.22% of the stock.
• Bancorp reported better-than-expected earnings of $1.41 per share, while analysts remain moderately bullish overall with a consensus rating of “Moderate Buy” and an average price target of $61.50.

Whittier Trust Co. trimmed its holdings in The Bancorp, Inc. (NASDAQ:TBBK - Free Report) by 98.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,818 shares of the bank's stock after selling 135,375 shares during the quarter. Whittier Trust Co.'s holdings in Bancorp were worth $158,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in Bancorp by 98.2% during the 1st quarter. Royal Bank of Canada now owns 76,696 shares of the bank's stock worth $4,052,000 after acquiring an additional 37,993 shares during the period. AQR Capital Management LLC increased its holdings in shares of Bancorp by 15.9% during the first quarter. AQR Capital Management LLC now owns 16,734 shares of the bank's stock valued at $884,000 after purchasing an additional 2,296 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bancorp by 1.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,183 shares of the bank's stock valued at $1,436,000 after purchasing an additional 518 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Bancorp by 6.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 147,523 shares of the bank's stock valued at $7,795,000 after purchasing an additional 8,454 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Bancorp by 145.8% during the first quarter. Jane Street Group LLC now owns 128,173 shares of the bank's stock valued at $6,773,000 after purchasing an additional 76,027 shares in the last quarter. 96.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CMO Maria Wainwright sold 8,400 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $60.24, for a total transaction of $506,016.00. Following the completion of the sale, the chief marketing officer owned 24,942 shares in the company, valued at approximately $1,502,506.08. This represents a 25.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the executive vice president directly owned 32,880 shares of the company's stock, valued at approximately $1,982,006.40. This represents a 11.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TBBK shares. Keefe, Bruyette & Woods upgraded shares of Bancorp from a "market perform" rating to an "outperform" rating and increased their target price for the company from $72.00 to $77.00 in a research report on Thursday. Zacks Research upgraded shares of Bancorp from a "strong sell" rating to a "hold" rating in a research report on Friday, April 3rd. Wall Street Zen raised shares of Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. Piper Sandler initiated coverage on shares of Bancorp in a report on Thursday, March 12th. They issued an "overweight" rating and a $66.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.50.

Bancorp Price Performance

Shares of Bancorp stock opened at $66.54 on Friday. The Bancorp, Inc. has a 52 week low of $50.20 and a 52 week high of $81.65. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.77 billion, a PE ratio of 12.95 and a beta of 1.19. The company's 50-day moving average price is $57.62 and its two-hundred day moving average price is $59.57.

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

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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