The Bancorp, Inc. (NASDAQ:TBBK) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of The Bancorp, Inc. (NASDAQ:TBBK) from a buy rating to a hold rating in a report published on Tuesday, June 27th.

According to Zacks, “The Bancorp Bank is a Delaware-chartered, federally insured commercial bank which focuses on service to small and mid-size businesses and their principals in the Philadelphia-Wilmington market area, and on private-label affinity group programs, including merchant card servicing. “

A number of other research firms also recently commented on TBBK. BTIG Research raised shares of The Bancorp from a neutral rating to a buy rating and set a $8.00 price objective for the company in a research note on Monday, May 1st. TheStreet downgraded shares of The Bancorp from a c- rating to a d rating in a research report on Monday, April 24th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $7.45.

The Bancorp (TBBK) opened at 7.55 on Tuesday. The company’s 50 day moving average is $6.63 and its 200-day moving average is $6.13. The stock’s market capitalization is $420.45 million. The Bancorp has a 1-year low of $4.41 and a 1-year high of $8.20.

The Bancorp (NASDAQ:TBBK) last posted its quarterly earnings data on Thursday, April 27th. The bank reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.04. The Bancorp had a negative net margin of 50.29% and a negative return on equity of 11.95%. The company had revenue of $49.10 million during the quarter, compared to the consensus estimate of $44.26 million. Analysts forecast that The Bancorp will post $0.39 earnings per share for the current fiscal year.

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In related news, Director Walter T. Beach sold 41,360 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $6.19, for a total transaction of $256,018.40. Following the sale, the director now directly owns 296,829 shares of the company’s stock, valued at approximately $1,837,371.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Leo Connolly purchased 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were purchased at an average cost of $6.57 per share, for a total transaction of $262,800.00. Following the completion of the transaction, the executive vice president now owns 44,762 shares in the company, valued at approximately $294,086.34. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 104,498 shares of company stock valued at $687,987 and sold 180,189 shares valued at $1,109,310. 7.71% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of TBBK. American International Group Inc. raised its position in shares of The Bancorp by 51.8% in the first quarter. American International Group Inc. now owns 30,605 shares of the bank’s stock worth $156,000 after buying an additional 10,447 shares during the period. Goldman Sachs Group Inc. raised its position in shares of The Bancorp by 55.5% in the first quarter. Goldman Sachs Group Inc. now owns 30,510 shares of the bank’s stock worth $156,000 after buying an additional 10,895 shares during the period. Metropolitan Life Insurance Co. NY raised its position in shares of The Bancorp by 9.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 37,059 shares of the bank’s stock worth $189,000 after buying an additional 3,261 shares during the period. Sei Investments Co. raised its position in shares of The Bancorp by 380.5% in the first quarter. Sei Investments Co. now owns 54,902 shares of the bank’s stock worth $280,000 after buying an additional 43,475 shares during the period. Finally, Swiss National Bank raised its position in shares of The Bancorp by 43.5% in the first quarter. Swiss National Bank now owns 91,100 shares of the bank’s stock worth $465,000 after buying an additional 27,600 shares during the period. 76.98% of the stock is currently owned by hedge funds and other institutional investors.

About The Bancorp

The Bancorp, Inc is a financial holding company and its primary subsidiary is The Bancorp Bank (the Bank). The Company has four primary lines of specialty lending: securities backed lines of credit (SBLOC), automobile fleet and other equipment leasing, Small Business Administration (SBA), loans and loans generated for sale into capital markets primarily through both commercial mortgage backed securities (CMBS) and collateralized loan obligations (CLOs).

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