Convergence Investment Partners LLC Purchases Shares of 21,447 The Bancorp, Inc. $TBBK

Convergence Investment Partners LLC purchased a new stake in shares of The Bancorp, Inc. (NASDAQ:TBBK) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 21,447 shares of the bank’s stock, valued at approximately $1,222,000.

A number of other institutional investors have also recently added to or reduced their stakes in TBBK. GAMMA Investing LLC grew its position 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 acquiring an additional 456 shares during the period. Janney Montgomery Scott LLC grew its position in Bancorp by 15.2% during the first quarter. Janney Montgomery Scott LLC now owns 6,225 shares of the bank’s stock valued at $329,000 after acquiring an additional 822 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Bancorp during the first quarter valued at about $518,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Bancorp by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 16,752 shares of the bank’s stock worth $897,000 after purchasing an additional 5,872 shares in the last quarter. Finally, Lisanti Capital Growth LLC lifted its stake in shares of Bancorp by 66.0% during the first quarter. Lisanti Capital Growth LLC now owns 67,885 shares of the bank’s stock worth $3,587,000 after purchasing an additional 26,990 shares in the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.

Bancorp Trading Up 4.2%

NASDAQ:TBBK opened at $78.74 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.88 and a current ratio of 0.91. The Bancorp, Inc. has a one year low of $40.51 and a one year high of $81.65. The business’s 50-day simple moving average is $75.35 and its 200 day simple moving average is $62.63. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of 16.93 and a beta of 1.31.

Bancorp (NASDAQ:TBBK) last released its quarterly earnings results on Thursday, July 24th. The bank reported $1.27 EPS for the quarter, topping the consensus estimate of $1.26 by $0.01. Bancorp had a return on equity of 27.24% and a net margin of 27.16%.The business had revenue of $138.00 million for the quarter, compared to analysts’ expectations of $94.87 million. As a group, sell-side analysts predict that The Bancorp, Inc. will post 5.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on TBBK shares. Oppenheimer restated an “outperform” rating on shares of Bancorp in a research note on Friday, July 18th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $65.00 price objective on shares of Bancorp in a research note on Friday, July 11th. Barclays restated a “buy” rating on shares of Bancorp in a research note on Monday, July 7th. Weiss Ratings upgraded Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday. Finally, Morgan Stanley restated an “overweight” rating and set a $52.00 price objective on shares of Bancorp in a research note on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Bancorp presently has a consensus rating of “Buy” and an average price target of $62.00.

Insiders Place Their Bets

In related news, COO Gregor J. Garry sold 12,532 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $75.14, for a total value of $941,654.48. Following the completion of the sale, the chief operating officer directly owned 110,107 shares of the company’s stock, valued at $8,273,439.98. The trade was a 10.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Cohn acquired 1,350 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost 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 of the company’s stock, valued at $87,480. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 2,462 shares of company stock worth $157,786 and have sold 322,841 shares worth $20,990,025. 5.60% of the stock is currently owned by corporate insiders.

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.