UPDATE: Sterne Agee Downgrades The Bancorp to Neutral on Comparative Return on Equity

Sterne Agee lowered its rating on The Bancorp

from Buy to Neutral as return on equity lags peers despite stellar revenues. Sterne Agee said, "While top-line revenue growth continues to track well ahead of both community bank and financial technology peers, bottom-line profitability as measured by returns on equity (ROE) continues to lag. With the earnings and growth bar set high for 2013 and 2014, we view the shares as fairly valued at 14x our 2013 estimate and 1.4x tangible book value (TBV)." The Bancorp closed at $12.22 on Monday.