Edgestream Partners L.P. Purchases Shares of 78,291 The Bancorp, Inc. (NASDAQ:TBBK)

Edgestream Partners L.P. purchased a new stake in The Bancorp, Inc. (NASDAQ:TBBK) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 78,291 shares of the bank’s stock, valued at approximately $4,120,000.

A number of other hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in shares of Bancorp by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,362,668 shares of the bank’s stock valued at $72,914,000 after purchasing an additional 6,459 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Bancorp by 18.6% in the 3rd quarter. Franklin Resources Inc. now owns 925,370 shares of the bank’s stock valued at $52,061,000 after acquiring an additional 144,867 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Bancorp by 132.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 383,784 shares of the bank’s stock valued at $20,532,000 after acquiring an additional 219,020 shares during the period. Principal Financial Group Inc. raised its stake in shares of Bancorp by 3.3% in 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 period. Finally, Lord Abbett & CO. LLC raised its stake in shares of Bancorp by 23.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 303,239 shares of the bank’s stock valued at $16,223,000 after acquiring an additional 56,959 shares during the period. Institutional investors and hedge funds own 96.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Raymond James reissued an “outperform” rating and issued a $67.00 target price (up previously from $60.00) on shares of Bancorp in a research note on Monday, February 3rd. StockNews.com raised shares of Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods raised their target price on shares of Bancorp from $66.00 to $72.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Finally, Piper Sandler raised their target price on shares of Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd.

Bancorp Stock Performance

Bancorp stock opened at $51.58 on Friday. The Bancorp, Inc. has a 12-month low of $29.92 and a 12-month high of $65.84. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 12.00 and a beta of 1.59. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.89 and a quick ratio of 0.86. The firm’s fifty day moving average price is $56.23 and its 200 day moving average price is $54.44.

Bancorp (NASDAQ:TBBK) last released its quarterly earnings results on Thursday, January 30th. 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 net margin of 30.97% and a return on equity of 27.33%. On average, research analysts forecast that The Bancorp, Inc. will post 5.31 EPS for the current fiscal 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.