Legend Financial Advisors Inc. Sells 4,311 Shares of The Bancorp, Inc. (NASDAQ:TBBK)

Legend Financial Advisors Inc. decreased its position in The Bancorp, Inc. (NASDAQ:TBBK) by 23.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,889 shares of the bank’s stock after selling 4,311 shares during the quarter. Bancorp accounts for 0.5% of Legend Financial Advisors Inc.’s portfolio, making the stock its 23rd biggest holding. Legend Financial Advisors Inc.’s holdings in Bancorp were worth $743,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TBBK. The Manufacturers Life Insurance Company raised its stake in Bancorp by 0.8% during the second quarter. The Manufacturers Life Insurance Company now owns 27,959 shares of the bank’s stock valued at $1,056,000 after purchasing an additional 234 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Bancorp by 60.5% during the 2nd quarter. GAMMA Investing LLC now owns 772 shares of the bank’s stock valued at $29,000 after buying an additional 291 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings 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 valued at $2,251,000 after acquiring an additional 302 shares during the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Bancorp by 2.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 21,574 shares of the bank’s stock valued at $815,000 after acquiring an additional 476 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Bancorp by 1.6% in the second quarter. Los Angeles Capital Management LLC now owns 30,632 shares of the bank’s stock worth $1,157,000 after acquiring an additional 492 shares in the last quarter. 96.22% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TBBK has been the topic of a number of recent research reports. StockNews.com downgraded Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 price target (up from $46.00) on shares of Bancorp in a research report on Monday, July 29th. Finally, Piper Sandler boosted their price objective on shares of Bancorp from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday, July 29th.

Bancorp Trading Down 1.4 %

TBBK opened at $58.21 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 0.88. The stock’s 50 day moving average price is $51.47 and its 200-day moving average price is $42.10. The Bancorp, Inc. has a one year low of $29.92 and a one year high of $59.26. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 15.16 and a beta of 1.45.

Bancorp (NASDAQ:TBBK) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $1.07 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.03). Bancorp had a net margin of 31.52% and a return on equity of 26.81%. The business had revenue of $124.52 million during the quarter, compared to the consensus estimate of $127.45 million. On average, equities analysts forecast that The Bancorp, Inc. will post 4.37 EPS for the current year.

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.