Bancorp (NASDAQ:TBBK) Stock Price Up 8.5% Following Better-Than-Expected Earnings

The Bancorp, Inc. (NASDAQ:TBBK - Get Free Report) traded up 8.5% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $63.55 and last traded at $62.51. 183,339 shares traded hands during trading, a decline of 51% from the average session volume of 371,362 shares. The stock had previously closed at $57.64.

The bank reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. Bancorp had a return on equity of 27.33% and a net margin of 30.97%.

Wall Street Analyst Weigh In

TBBK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of Bancorp from $66.00 to $72.00 and gave the stock an "outperform" rating in a report on Monday. Piper Sandler upped their price target on Bancorp from $61.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, December 23rd. Raymond James restated an "outperform" rating and issued a $67.00 price target (up from $60.00) on shares of Bancorp in a research report on Monday. Finally, StockNews.com downgraded shares of Bancorp from a "hold" rating to a "sell" rating in a research report on Sunday, January 12th.

Hedge Funds Weigh In On Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in TBBK. Alberta Investment Management Corp lifted its holdings in shares of Bancorp by 36.9% during the 4th quarter. Alberta Investment Management Corp now owns 84,416 shares of the bank's stock valued at $4,443,000 after buying an additional 22,749 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in shares of Bancorp by 111.9% during the 4th quarter. Sanctuary Advisors LLC now owns 11,067 shares of the bank's stock worth $638,000 after acquiring an additional 5,845 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Bancorp by 3.3% during the 4th quarter. Principal Financial Group Inc. now owns 304,609 shares of the bank's stock valued at $16,032,000 after acquiring an additional 9,748 shares during the last quarter. Congress Asset Management Co. raised its stake in shares of Bancorp by 4.6% in the 4th quarter. Congress Asset Management Co. now owns 223,154 shares of the bank's stock valued at $11,745,000 after acquiring an additional 9,721 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in Bancorp by 19.7% in the 4th quarter. New York State Teachers Retirement System now owns 26,815 shares of the bank's stock worth $1,411,000 after purchasing an additional 4,412 shares during the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

Bancorp Stock Up 2.0 %

The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $55.18 and a 200-day simple moving average of $52.98. The stock has a market cap of $2.99 billion, a P/E ratio of 14.50 and a beta of 1.49.

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.