Millennium Management LLC Sells 408,157 Shares of The Bancorp, Inc. (NASDAQ:TBBK)

Millennium Management LLC reduced its position in shares of The Bancorp, Inc. (NASDAQ:TBBK - Free Report) by 62.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 242,398 shares of the bank's stock after selling 408,157 shares during the period. Millennium Management LLC owned approximately 0.46% of Bancorp worth $9,153,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Entropy Technologies LP grew its position in Bancorp by 256.2% during the first quarter. Entropy Technologies LP now owns 23,375 shares of the bank's stock worth $782,000 after buying an additional 16,812 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Bancorp by 129.0% during the first quarter. Jane Street Group LLC now owns 124,915 shares of the bank's stock worth $4,180,000 after purchasing an additional 70,361 shares in the last quarter. ClariVest Asset Management LLC bought a new position in shares of Bancorp in the first quarter worth approximately $1,008,000. BNP Paribas Financial Markets raised its stake in Bancorp by 51.6% in the first quarter. BNP Paribas Financial Markets now owns 71,837 shares of the bank's stock valued at $2,404,000 after purchasing an additional 24,453 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its position in Bancorp by 71.1% during the first quarter. Jupiter Asset Management Ltd. now owns 396,600 shares of the bank's stock valued at $13,270,000 after purchasing an additional 164,855 shares during the last quarter. Institutional investors own 96.22% of the company's stock.

Bancorp Price Performance

Shares of TBBK stock traded down $0.56 during trading hours on Wednesday, hitting $53.04. 373,049 shares of the company's stock were exchanged, compared to its average volume of 624,206. The company has a market capitalization of $2.60 billion, a PE ratio of 14.41 and a beta of 1.45. The company has a current ratio of 0.88, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. The Bancorp, Inc. has a 12-month low of $29.92 and a 12-month high of $54.97. The business's 50 day simple moving average is $50.19 and its 200-day simple moving average is $40.99.

Bancorp (NASDAQ:TBBK - Get Free Report) last issued its earnings results on Thursday, July 25th. The bank reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.10 by ($0.03). The business had revenue of $124.52 million during the quarter, compared to analysts' expectations of $127.45 million. Bancorp had a return on equity of 26.81% and a net margin of 31.52%. On average, equities research analysts anticipate that The Bancorp, Inc. will post 4.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Piper Sandler increased their price target on shares of Bancorp from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, July 29th. StockNews.com downgraded Bancorp from a "hold" rating to a "sell" rating in a research report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $55.00 price target (up previously from $46.00) on shares of Bancorp in a research note on Monday, July 29th.

Bancorp 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.