Market Globalist

The Bancorp Inc. (NASDAQ: TBBK) stock surged in the premarket trading session; here’s why

At last check, in the premarket trading session, The Bancorp Inc. (TBBK) stock jumped by 11.64% to $24.65. TBBK stock closed previous session at $22.08 losing -0.56%. The TBBK stock volume traded 0.24 million shares while average 3-month volume for trade has been 472.89K. In the past year, up-to-date TBBK shares had surged by 193.23%. In the past three and six months, the TBBK stock has jumped by 29.73% and 145.88%. Furthermore, Bancorp Inc. is currently valued at $1.29 billion and has 57.60 million outstanding shares.

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What we know about Bancorp Inc.

The Bancorp, Inc. is a financial holding company that provides products and services related to banking. The company operates in United States.  Bancorp Inc. is headquartered in Wilmington, Delaware. The company has a wide range of product offerings which include bank accounts for current, savings, retirement, and commercial. Furthermore, it also provides its customers bank-financed services like line of credit; credit card and debit card, mortgage-backed loans, leasing cars and vehicles and insurance policy line of credits as well. Bancorp Inc. also has its own private-label banking and payment processing options of service for independent service organizations like institutional banks as well as online-financial and banking services.

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Here’s how Bancorp Inc. is climbing up the S&P SmallCap600 Index

On 4th May 2021, the Bancorp announced that it is joining S&P SmallCap 600 while the company R1 RCM will join S&P MidCap 400. This move comes after a company named Perspecta will be acquired soon by Veritas Capital. The acquisition is in its final phases as the last set of conditions is expected to be completed soon. Perspecta was in the S&P 400 however due to this acquisition, the company will be removed from the index and in its stead, R1 RCM (previously an S&P SmallCap 600) will take its place in the S&P MidCap 400. This leaves the opening in S&P SmallCap 600 position left by R1 RCM which will now be taken by TBBK stock.

TBBK announced first quarter 2021 financial results

On Friday, 30th April, 2021, the company announced its first quarter 2021 financial results. The financial holdings company is on track for it to meet its 2021 financial targets. Bancorp reported a net-income of $26.0 million for 1st Quarter ending on 31st March 2021 compared to the $12.6 million for the prior year same period, in other words, it has a net income of $0.44 per diluted share in Q1 2021 compared to $0.22 per diluted share in Q1 2020. Bancorp reiterated its current mission stating that it plans on continuing product and platform expansion and excelling in the payment ecosystem for the financial services industries.

The economic conditions favor the TBBK stock

The Bancorp’s business decisions and financial operations are heavily hinged on the monetary policies, fed policies, interest rates, and stimulus packages. The company states it will monitor these closely in 2021 along with the transition of consumer activity to virtual and digital platforms. Currently, the economy and the rest of the mentioned factors are working positively for TBBK stock, and expect it to sustain the growth for business volumes and profitability into 2022.

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The guidance for the 2021 has been retained to $1.70 a share- approximately $100 million in net income.

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