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WILMINGTON, Del. - The Bancorp, Inc. (NASDAQ: TBBK), a financial holding company currently valued at $2.54 billion, disclosed today that it has received a formal notice from the Nasdaq Global Select Market due to a delay in filing its annual report. The notice, dated today, states that The Bancorp has not met the Nasdaq Listing Rule 5250(c)(1) because it has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission (SEC).
The receipt of this notice does not immediately affect the trading of The Bancorp’s common stock on the Nasdaq. However, the company must regain compliance within 60 days by filing the overdue Annual Report or presenting a plan to Nasdaq to address the non-compliance. If the company submits an acceptable plan, it may receive an extension of up to 180 calendar days from the original due date of the Annual Report to file it. Despite this regulatory challenge, InvestingPro data shows the company maintains a "GREAT" financial health score of 3.27, suggesting strong underlying fundamentals.
If The Bancorp fails to present a plan that Nasdaq deems satisfactory, the company will have the opportunity to appeal before a Nasdaq hearings panel. The Bancorp has communicated its intention to work diligently to complete and submit the Annual Report as soon as possible.
This announcement is in line with Nasdaq Listing Rule 5810(b), which mandates prompt public disclosure of such a deficiency notification.
The Bancorp, through its subsidiary The Bancorp Bank, N.A., provides a variety of financial services and technologies to non-bank financial companies, ranging from startups to Fortune 500 firms. The company has demonstrated strong market performance, with InvestingPro data showing a remarkable 58.56% return over the past year and trading at a P/E ratio of 12.4x. It has been recognized for its achievements in the financial sector, including being the top issuer of prepaid cards in the U.S. and earning various accolades for its performance and workplace diversity. Three analysts have recently revised their earnings expectations upward, suggesting confidence in the company’s outlook despite the current filing delay.
The information in this article is based on a press release statement issued by The Bancorp, Inc.
In other recent news, The Bancorp has faced significant developments, particularly concerning its financial statements and analyst ratings. The company announced that its financial statements from 2022 to 2024 should not be relied upon due to pending audit approvals, prompting them to revise these statements and address accounting issues related to consumer fintech loans. Meanwhile, Raymond James increased its price target for The Bancorp to $67, citing better-than-expected fourth-quarter results for 2024 and ambitious growth targets for a new credit sponsorship initiative.
Additionally, Keefe, Bruyette & Woods maintained an Outperform rating with a $72 target, despite delays in the sale of Other Real Estate Owned assets. The sale, which involves a significant portion of non-performing assets, has been postponed to May 2025. Piper Sandler also reiterated an Overweight rating with a $68 target, expressing confidence in The Bancorp’s payments business and recent improvements in its Real Estate Backed Loan portfolio.
Raymond James analyst David Feaster highlighted positive developments in the company’s Real Estate Business Lending portfolio, reinforcing an Outperform rating. Feaster noted that the increased investment by property buyers could mitigate potential losses. The Bancorp’s management remains optimistic about resolving credit issues and anticipates selling more substandard loans, which could stabilize credit trends. Piper Sandler’s Frank Schiraldi emphasized the strength of The Bancorp’s core operations, particularly in the payments sector, as a driver of growth.
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