Bancorp
TBBK on Nasdaq. The Bancorp provides banking and payment services to fintech companies. Market value $2.0bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 26 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.80.
Profit per $100 you pay: $11.74.
Quality score: 83 of 100. Price score: 54 of 100. Our list needs 70 on quality and 60 on price.
$48.44 a share, 3% above its 1-year low
Over the past year the price has ranged from $47.01 to $81.65.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $8m | $86m | $99m | $117m | $141m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.05bn | 0.05bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 81.8% a year
- Buying back its own sharesYes, 27% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $61 million, up 1% on a year ago.
- Spare cash over the past 12 months: $233 million, down from $259 million.
- 11% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $52m |
| December 2024 | $56m |
| March 2025 | $57m |
| June 2025 | $60m |
| September 2025 | $55m |
| December 2025 | $56m |
| March 2026 | $60m |
| June 2026 | $61m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 290 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $313,388
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $1m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $313,388 | <0.1% |
Largest holders overall
- BlackRock$379m
- American Century Companies$225mAdded
- State Street$169mCut
- Nantahala Capital Management$155mAdded
- Vanguard Capital Management$111m
- Geode Capital Management$87mAdded
- Dimensional Fund Advisors LP$84m
- Brown Advisory$71mAdded
- Jupiter Topco$71m
- Invesco$70m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- American Century Investment Management, Inc.Passive investorat least 8.6%+3.1 pts(filed with 2 related holders)Since 30 June 2026
- Wellington Management Company LLPPassive investor5.2%Since 30 June 2025
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- FMR LLCPassive investorat least 4.5%(filed with 1 related holder)Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 3.1%−2.1 pts(filed with 2 related holders)Since 30 September 2025
- Invesco Ltd.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
American Century Investment Management, Inc. Passive investor | at least 8.6%+3.1 pts (filed with 2 related holders) | 30 June 2026 | |
Wellington Management Company LLP Passive investor | 5.2% | 30 June 2025 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
FMR LLC Passive investor | at least 4.5% (filed with 1 related holder) | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 3.1%−2.1 pts (filed with 2 related holders) | 30 September 2025 | |
Invesco Ltd. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $1m of shares on the open market. 4 sold $1m.
- Egan MartinChief Accounting OfficerSold
- Date
- 6 August 2026
- Shares
- 3,057
- Price
- $72.03
- Value
- $220,195
- Cohn MatthewDirectorBought
- Date
- 4 May 2026
- Shares
- 250
- Price
- $58.77
- Value
- $14,693
- Cohn MatthewDirectorBought
- Date
- 1 May 2026
- Shares
- 2,250
- Price
- $59.60
- Value
- $134,105
- Caesar Erika REVP and General CounselSold
- Date
- 29 April 2026
- Shares
- 4,470
- Price
- $60.28
- Value
- $269,452
- Wainwright MariaEVP & Chief Marketing OfficerSold
- Date
- 28 April 2026
- Shares
- 8,400
- Price
- $60.24
- Value
- $506,016
- Harris RyanEVP Head of Fintech SolutionsSold
- Date
- 13 March 2026
- Shares
- 4,500
- Price
- $53.18
- Value
- $239,310
- Canuso Dominic CEVP & Chief Financial OfficerBought
- Date
- 27 February 2026
- Shares
- 2,000
- Price
- $55.26
- Value
- $110,510
- Cohn MatthewDirectorBought
- Date
- 12 February 2026
- Shares
- 230
- Price
- $56.78
- Value
- $13,059
- Cohn MatthewDirectorBought
- Date
- 11 February 2026
- Shares
- 170
- Price
- $56.99
- Value
- $9,688
- Cohn MatthewDirectorBought
- Date
- 10 February 2026
- Shares
- 680
- Price
- $62.14
- Value
- $42,253
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 August 2026 | Egan Martin Chief Accounting Officer | Sold | 3,057 | $72.03 | $220,195 |
| 4 May 2026 | Cohn Matthew Director | Bought | 250 | $58.77 | $14,693 |
| 1 May 2026 | Cohn Matthew Director | Bought | 2,250 | $59.60 | $134,105 |
| 29 April 2026 | Caesar Erika R EVP and General Counsel | Sold | 4,470 | $60.28 | $269,452 |
| 28 April 2026 | Wainwright Maria EVP & Chief Marketing Officer | Sold | 8,400 | $60.24 | $506,016 |
| 13 March 2026 | Harris Ryan EVP Head of Fintech Solutions | Sold | 4,500 | $53.18 | $239,310 |
| 27 February 2026 | Canuso Dominic C EVP & Chief Financial Officer | Bought | 2,000 | $55.26 | $110,510 |
| 12 February 2026 | Cohn Matthew Director | Bought | 230 | $56.78 | $13,059 |
| 11 February 2026 | Cohn Matthew Director | Bought | 170 | $56.99 | $9,688 |
| 10 February 2026 | Cohn Matthew Director | Bought | 680 | $62.14 | $42,253 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.