BTIG Downgrades The Bancorp (TBBK) to Neutral

BTIG downgraded The Bancorp (NASDAQ: TBBK) from Buy to Neutral and removed its price target.

Analyst Mark Palmer said, "We are downgrading The Bancorp (TBBK) to NEUTRAL (from BUY) and removing our price target after the company yesterday after the market close disclosed through a regulatory filing that The Bancorp Bank had consented to the issuance of a Consent Order from the FDIC effective on June 5 that requires it to take actions to come into compliance with its obligations under the Bank Secrecy Act (BSA) . . Insofar as our bullish thesis on TBBK was based in large part on growth generated by the launch of new prepaid card programs, we are moving to the sidelines for now until we gain more clarity on when the restrictions on the company may be lifted."

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 $16.20 yesterday.

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