Summit Asset Management LLC Takes Position in The Bancorp, Inc. (NASDAQ:TBBK)

Summit Asset Management LLC bought a new position in shares of The Bancorp, Inc. (NASDAQ:TBBK) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,250 shares of the bank’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. FMR LLC increased its stake in Bancorp by 3.3% during the 3rd quarter. FMR LLC now owns 4,879,852 shares of the bank’s stock valued at $168,355,000 after purchasing an additional 157,987 shares in the last quarter. Brown Advisory Inc. increased its position in shares of Bancorp by 3.0% during the third quarter. Brown Advisory Inc. now owns 1,445,705 shares of the bank’s stock worth $49,877,000 after acquiring an additional 42,321 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Bancorp by 21.9% in the 3rd quarter. American Century Companies Inc. now owns 980,410 shares of the bank’s stock worth $33,824,000 after acquiring an additional 175,854 shares during the last quarter. Epoch Investment Partners Inc. lifted its position in Bancorp by 80.7% in the 3rd quarter. Epoch Investment Partners Inc. now owns 725,573 shares of the bank’s stock valued at $25,032,000 after acquiring an additional 323,986 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its holdings in Bancorp by 9.7% during the 3rd quarter. Kennedy Capital Management LLC now owns 703,454 shares of the bank’s stock worth $24,269,000 after purchasing an additional 62,104 shares in the last quarter. 96.22% of the stock is owned by institutional investors.

Insider Activity at Bancorp

In other Bancorp news, Director Stephanie B. Mudick bought 2,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was purchased at an average price of $37.11 per share, for a total transaction of $74,220.00. Following the completion of the transaction, the director now directly owns 31,584 shares of the company’s stock, valued at $1,172,082.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Bancorp news, Director Stephanie B. Mudick bought 2,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were acquired at an average price of $37.11 per share, with a total value of $74,220.00. Following the acquisition, the director now directly owns 31,584 shares of the company’s stock, valued at approximately $1,172,082.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew Cohn purchased 2,485 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was bought at an average cost of $34.21 per share, with a total value of $85,011.85. Following the completion of the acquisition, the director now directly owns 157,627 shares of the company’s stock, valued at $5,392,419.67. The disclosure for this purchase can be found here. 5.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TBBK has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their target price on Bancorp from $52.00 to $46.00 and set an “outperform” rating on the stock in a report on Friday, April 5th. Raymond James raised their price target on shares of Bancorp from $42.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Finally, StockNews.com raised shares of Bancorp from a “sell” rating to a “hold” rating in a research report on Monday.

Bancorp Stock Performance

TBBK traded down $0.18 during midday trading on Thursday, reaching $31.09. The company had a trading volume of 155,581 shares, compared to its average volume of 652,967. The business has a 50-day moving average price of $35.24 and a two-hundred day moving average price of $37.90. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.02. The Bancorp, Inc. has a 12-month low of $28.04 and a 12-month high of $47.11. The stock has a market cap of $1.62 billion, a PE ratio of 8.50 and a beta of 1.43.

Bancorp (NASDAQ:TBBK) last released its earnings results on Friday, April 26th. The bank reported $1.06 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.06. Bancorp had a return on equity of 26.32% and a net margin of 39.94%. During the same period in the prior year, the company earned $0.88 earnings per share. On average, sell-side analysts expect that The Bancorp, Inc. will post 4.51 earnings per share for the current fiscal year.

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.