# The Bancorp, Inc. (TBBK)

> Source: Nexqual · https://nexqual.com/TBBK · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, The Bancorp, Inc. (TBBK), nexqual.com/TBBK" · informational, not investment advice.

**Price:** USD 50.52 (+0.20% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 50.42 · day 50.32–51.46 · 52w 47.01–79.3 · market cap $2.06B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $672M, net income $232M (34.5% margin) (SEC filings).
- Valuation: P/E 8.9x (avg 12.3x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $996K; 3 not under a Rule 10b5-1 plan ($996K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $149K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Strong Buy (mean 1.33 on a 1–5 scale) (3 analysts), mean target USD 76 (range 65–88).
- Total return with dividends: 1Y -34.6% vs S&P 500 +14.4%; 5Y +65.4% vs S&P 500 +79.1%.
- Next earnings: 2026-10-29, EPS estimate USD 1.47, revenue estimate $90.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $316M | $355M | $466M | $534M | $704M | $672M |
| Net income | $111M | $130M | $192M | $218M | $228M | $232M |
| EPS (diluted) | $1.88 | $2.27 | $3.49 | $4.29 | $4.92 | — |
| Free cash flow | $82.3M | $114M | $174M | $205M | $258M | $233M |
| Net margin | 35.1% | 36.7% | 41.3% | 40.8% | 32.4% | 34.5% |
| Revenue growth | +12.9% | +12.3% | +31.5% | +14.5% | +31.9% | — |
| Cash + short-term investments | $602M | $888M | $1.04B | $570M | $113M | — |
| Total debt | $39.5M | $10.0M | $38.6M | $14.1M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.9x · P/S 3.1x · P/FCF 8.8x · P/B 2.9x · FCF yield 11.32% · Earnings yield 11.26% · Buyback yield (TTM) 19.59%
P/E at fiscal year-ends: Dec 2025 13.7x, Dec 2024 12.3x, Dec 2023 11.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-06 | Egan Martin | Chief Accounting Officer | 3,057 | $220K | 7.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-29 | Caesar Erika R | EVP and General Counsel | 4,470 | $269K | 12% | No | Too little history (no open-market trades in 2024) |
| 2026-04-28 | Wainwright Maria | EVP & Chief Marketing Officer | 8,400 | $506K | 25.2% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $149K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-01…2026-05-04 | Cohn Matthew | Director | 2,500 | $149K | 59.52 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Strong Buy (mean 1.33 on a 1–5 scale), 3 analysts; mean target USD 76 (low 65, high 88).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Piper Sandler | Target lowered | Overweight | $86 → $75 |
| 2026-08-03 | Keefe, Bruyette & Woods | Target raised | Outperform | $77 → $79 |
| 2026-08-03 | Piper Sandler | Target raised | Overweight | $70 → $86 |
| 2026-07-09 | Keefe, Bruyette & Woods | Upgrade | Market Perform → Outperform | $72 → $77 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -34.6% | +65.4% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -34.6% | +10.6% |
| Volatility (annualized) | 48.0% | 45.2% |
| Max drawdown | -37.7% (Oct 2025→Oct 2026) | -48.3% (Nov 2021→Jun 2022) |

## Peers (Banks - Regional)
FITB (Fifth Third Bancorp) USD 54.45 +1.82% · NU (Nu Holdings Ltd.) USD 12.05 +0.67% · TFC (Truist Financial Corporation) USD 49.31 +1.83% · DB (Deutsche Bank AG) USD 34.88 +4.09% · NWG (NatWest Group plc) USD 17 -1.36% · LYG (Lloyds Banking Group Plc) USD 5.26 -4.45%

## More
Full page: https://nexqual.com/TBBK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TBBK's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1295401/000129540126000002/tbbk-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Federal Deposit Insurance | "Also, from these fintech services we source our deposits, which are comprised primarily of millions of small transaction-based consumer balances, the vast majority of which are FDIC-insured." |
| Competitor | Visa (V) | "Other risks related to prepaid cards include competition for prepaid, debit and other payment mediums, possible changes in the rules of networks, such as Visa and Mastercard and others, in which the Bank operates, change…" |
| Competitor | Mastercard (MA) | "Other risks related to prepaid cards include competition for prepaid, debit and other payment mediums, possible changes in the rules of networks, such as Visa and Mastercard and others, in which the Bank operates, change…" |

Other companies that name TBBK in their own reports (relationship from TBBK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Hoyne Bancorp, Inc. (HYNE) | 10-K 2026-03-26 | "Hoyne Savings Bank has an agreement with Hoyne Bancorp, Inc. to provide it with certain administrative support services for compensation not less than the fair market value of the services provided." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total fintech fees | $40.9M | — | +14.7% |
| Prepaid, debit card and related fees | $27.8M | — | +6.4% |
| ACH, card and other payment fees | $6.6M | — | +17.9% |
| Consumer credit fintech fees | $6.5M | — | +64.9% |
| Total revenue | — | 100% | — |

## Company outlook (8-K filed 2026-10-29)

- "We are maintaining Core EPS (1) guidance in the range of $5.95 - $6.05 a share for 2026 (2) , and providing a Core EPS (1) baseline range of $7.00 - $7.20 a share for 2027."
- "In addition, we are initiating preliminary Core EPS (1) guidance for 2028 of $8.00 - $8.20 a share."
- "Our guidance in 2026, 2027 and 2028 includes stock buybacks."
- "We expect to repurchase $200 million of shares in 2026, or $50 million a quarter."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.47 | $1.43 | +2.8% | $90.6M | 3 |
| Next quarter (ends 2026-12-31) | $1.70 | $1.74 | -2.5% | $90.5M | 2 |
| Current fiscal year (ends 2026-12-31) | $5.98 | $5.91 | +1.2% | $360.3M | 3 |
| Next fiscal year (ends 2027-12-31) | $8.00 | $8.07 | -0.8% | $362.4M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±10.2%; last 8 reports averaged ±8.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 49.9% | ±10.2% |
| 2026-12-18 | 50 | 45.7% | ±13.9% |
| 2027-02-19 | 113 | 46.2% | ±20.8% |
| 2027-05-21 | 204 | 46.2% | ±27.7% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 30, 2026 | Quarter ended Jun 30, 2026 | $1.45 | $1.36 | Beat +6.6% | -0.8% |
| Apr 23, 2026 | Quarter ended Mar 31, 2026 | $1.41 | $1.34 | Beat +5.2% | -3.8% |
| Jan 29, 2026 | Quarter ended Dec 31, 2025 | $1.28 | $1.46 | Miss −12.3% | -11.5% |
| Oct 30, 2025 | Quarter ended Sep 30, 2025 | $1.18 | $1.33 | Miss −11.3% | -15.8% |
| Jul 24, 2025 | — | — | — | — | -8.4% |
| Apr 24, 2025 | — | — | — | — | -0.8% |
| Jan 30, 2025 | — | — | — | — | +10.3% |
| Oct 24, 2024 | — | — | — | — | -14.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1295401/000162828026068227/0001628280-26-068227-index.htm |
| 2026-10-08 | 8-K/A | Director or executive officer change, or pay arrangement — “In a current report on Form 8-K filed on September 4, 2026 (the "Prior 8-K"), The Bancorp, Inc. reported that in connection with the implementation of an organizational restructuring by its wholly owned subsidiary, The Bancorp Bank, N.A. (the "Bank"), Jeffrey Nager, the Bank's Head of Commercial Lending, would depart the Bank on October 1, 2026. This Amendment to the Prior 8-K is being filed to disclose the terms of Mr. Nager's separation from service with the Bank. On October 2, 2026, Mr. Nager and the Bank…” | https://www.sec.gov/Archives/edgar/data/1295401/000203985226000125/0002039852-26-000125-index.htm |
| 2026-09-04 | 8-K | Exit or restructuring costs (layoffs, closures); Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On September 1, 2026, The Bancorp Bank, N.A. (the "Bank"), a wholly owned subsidiary of The Bancorp, Inc. (the "Company"), implemented an organizational restructuring to further align its resources and business with the Company's strategic priorities (the "Restructuring"). As part of the Restructuring, the Bank intends to discontinue the origination of retail and wholesale Small Business Lending ("SBL") loans by the end of 2026, and focus on managing its existing SBL loan portfolio. In connection with these…” | https://www.sec.gov/Archives/edgar/data/1295401/000203985226000121/0002039852-26-000121-index.htm |
| 2026-08-14 | Schedule 13G/A | American Century Investment Management, Inc., American Century Companies, Inc.: 8.6% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1295401/000005238826000225/0000052388-26-000225-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1295401/000162828026054157/0001628280-26-054157-index.htm |
| 2026-08-03 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1295401/000203985226000115/0002039852-26-000115-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1295401/000210011926001359/0002100119-26-001359-index.htm |
| 2026-07-30 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1295401/000162828026051050/0001628280-26-051050-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.