Raymond James & Associates Boosts Stake in The Bancorp, Inc. (NASDAQ:TBBK)

Raymond James & Associates raised its stake in shares of The Bancorp, Inc. (NASDAQ:TBBK - Free Report) by 55.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 50,276 shares of the bank's stock after buying an additional 18,027 shares during the period. Raymond James & Associates owned about 0.10% of Bancorp worth $2,690,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its stake in Bancorp by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,959 shares of the bank's stock valued at $1,056,000 after buying an additional 234 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Bancorp by 72.3% in the 3rd quarter. Blue Trust Inc. now owns 627 shares of the bank's stock worth $34,000 after purchasing an additional 263 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Bancorp by 60.5% in the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank's stock worth $29,000 after purchasing an additional 291 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Bancorp by 0.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 67,251 shares of the bank's stock worth $2,251,000 after purchasing an additional 302 shares in the last quarter. Finally, Legend Financial Advisors Inc. increased its stake in shares of Bancorp by 2.1% in the 2nd quarter. Legend Financial Advisors Inc. now owns 18,200 shares of the bank's stock worth $687,000 after purchasing an additional 380 shares in the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

Bancorp Price Performance

Shares of TBBK traded up $7.48 during midday trading on Wednesday, hitting $56.81. 1,665,077 shares of the company traded hands, compared to its average volume of 629,321. The firm has a 50 day moving average of $52.14 and a 200-day moving average of $43.85. The Bancorp, Inc. has a 52 week low of $29.92 and a 52 week high of $59.26. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 14.35 and a beta of 1.46. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.88.

Bancorp (NASDAQ:TBBK - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The bank reported $1.04 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.08). Bancorp had a net margin of 39.22% and a return on equity of 26.63%. The company had revenue of $125.84 million for the quarter, compared to the consensus estimate of $131.34 million. During the same period last year, the company earned $0.92 EPS. On average, analysts forecast that The Bancorp, Inc. will post 4.3 EPS for the current fiscal year.

Insider Activity at Bancorp

In related news, CMO Maria Wainwright sold 11,357 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $50.08, for a total value of $568,758.56. Following the completion of the transaction, the chief marketing officer now owns 23,291 shares of the company's stock, valued at approximately $1,166,413.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Thomas G. Pareigat sold 5,466 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $49.03, for a total value of $267,997.98. Following the sale, the executive vice president now directly owns 73,114 shares of the company's stock, valued at $3,584,779.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Maria Wainwright sold 11,357 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $50.08, for a total transaction of $568,758.56. Following the completion of the sale, the chief marketing officer now directly owns 23,291 shares in the company, valued at $1,166,413.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,983 shares of company stock valued at $1,345,366. Insiders own 5.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TBBK. StockNews.com downgraded shares of Bancorp from a "hold" rating to a "sell" rating in a report on Tuesday, July 30th. Piper Sandler upped their target price on shares of Bancorp from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $55.00 target price (up previously from $46.00) on shares of Bancorp in a report on Monday, July 29th.

About Bancorp

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.