Enova withdraws Grasshopper bank applications and plans to accelerate 2026 buybacks

  • Enova withdrew regulatory applications for its proposed Grasshopper Bancorp acquisition.
  • Shares fell 25% to $169.15, the steepest single-session decline since March 18, 2020.
  • Enova reaffirmed 2026 guidance and plans to accelerate share repurchases.

Enova International withdrew applications to the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System for its proposed $369 million acquisition of Grasshopper Bancorp, effectively ending the transaction after regulatory delays. Shares fell 25% to $169.15, their steepest one-day decline since March 18, 2020, while Citizens cut its price target to $215 from $270 but retained a Market Outperform rating. Chief Executive Steve Cunningham cited unclear regulatory standards for nonbank financial companies seeking bank charters. Enova reaffirmed its 2026 guidance, including third-quarter revenue growth of around 25% and adjusted EPS growth of around 30%, and full-year revenue growth of 20% to 25% with adjusted EPS growth of 30% to 35%. The company also plans to accelerate share repurchases during the rest of 2026. Second-quarter adjusted EPS rose to $4.31 on revenue of $929 million, exceeding analyst estimates of $3.96 and $909.61 million, respectively.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.