The Bancorp, Inc. (NASDAQ:TBBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, November 1st. The brokerage presently has a $9.50 price objective on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 5.56% from the stock’s current price.
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. “
TBBK has been the topic of several other reports. Piper Jaffray Companies reissued a “hold” rating and issued a $6.50 target price on shares of The Bancorp in a report on Friday, July 14th. BidaskClub upgraded shares of The Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Raymond James Financial, Inc. raised shares of The Bancorp from a “market perform” rating to an “outperform” rating in a report on Monday, July 31st. Finally, UBS AG raised shares of The Bancorp from a “market perform” rating to an “outperform” rating in a report on Monday, July 31st. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $8.56.
The Bancorp (TBBK) opened at $9.00 on Wednesday. The Bancorp has a 1 year low of $4.41 and a 1 year high of $9.07. The company has a quick ratio of 0.50, a current ratio of 0.60 and a debt-to-equity ratio of 0.16.
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In related news, Director Castle Creek Capital Partners purchased 225,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were bought at an average cost of $7.41 per share, with a total value of $1,667,250.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey A. Nager purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was bought at an average cost of $7.82 per share, for a total transaction of $39,100.00. Following the completion of the acquisition, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $78,200. The disclosure for this purchase can be found here. Insiders purchased a total of 323,700 shares of company stock worth $2,409,100 over the last three months. 12.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TBBK. Frontier Capital Management Co. LLC purchased a new stake in The Bancorp during the second quarter valued at about $12,162,000. Emerald Mutual Fund Advisers Trust purchased a new stake in The Bancorp during the second quarter valued at about $3,063,000. Signia Capital Management LLC lifted its holdings in The Bancorp by 64.4% during the second quarter. Signia Capital Management LLC now owns 1,006,430 shares of the bank’s stock valued at $7,628,000 after purchasing an additional 394,183 shares during the last quarter. Chicago Equity Partners LLC purchased a new stake in The Bancorp during the third quarter valued at about $3,225,000. Finally, Dimensional Fund Advisors LP lifted its holdings in The Bancorp by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,687,237 shares of the bank’s stock valued at $20,370,000 after purchasing an additional 233,451 shares during the last quarter. 77.14% of the stock is currently owned by institutional investors and hedge funds.
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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