Piper Sandler Reiterates Overweight Rating on The Bancorp (TBBK)

Piper Sandler analyst Frank Schiraldi reiterated an Overweight rating and $64.00 price target on The Bancorp (NASDAQ: TBBK)

The analyst comments: "After the market close yesterday TBBK announced an extension of the sale agreement in place on its large REBL OREO property. Given the sale was previously to be completed by December 31st we were starting to get a bit nervous by the lack of newsflow into year-end; we suspect so were investors. While the best news would have been that the sale had closed as expected we were pleased to see the extension came with a significant increase in the seller's deposits tied to the deal, which gives us increased confidence on eventual closing. We assume the stock could see a modest relief rally, all else equal. In part, this assumes recent weakness in shares had been baking in a greater possibility of the 'worst case scenario', which would have been the current deal simply breaking."

For an analyst ratings summary and ratings history on The Bancorp click here. For more ratings news on The Bancorp click here.

Shares of The Bancorp closed at $54.52 yesterday.

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