BofI Holding, Inc. (BOFI) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of BofI Holding, Inc. (NASDAQ:BOFI) from a hold rating to a sell rating in a report released on Friday.

According to Zacks, “Bofi Holding is the holding company for Bank of Internet USA, a consumer-focused, nationwide savings bank operating primarily through the Internet from a single location in San Diego, California. They provide a variety of consumer banking services, focusing primarily on gathering retail deposits over the Internet and originating and purchasing multifamily and single family loans for investment. “

A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods restated a market perform rating and set a $31.00 target price on shares of BofI Holding in a research report on Monday, October 9th. Craig Hallum restated a buy rating and set a $39.00 target price (up previously from $35.00) on shares of BofI Holding in a research report on Wednesday, October 4th. FBR & Co restated a buy rating and set a $36.00 target price (down previously from $37.00) on shares of BofI Holding in a research report on Thursday, October 26th. ValuEngine lowered shares of BofI Holding from a strong-buy rating to a buy rating in a research report on Thursday, August 24th. Finally, BidaskClub lowered shares of BofI Holding from a strong-buy rating to a buy rating in a research report on Saturday, August 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $33.60.

BofI Holding (BOFI) opened at 26.36 on Friday. The company has a 50-day moving average price of $27.19 and a 200-day moving average price of $25.30. BofI Holding has a 12-month low of $18.06 and a 12-month high of $32.57. The firm has a market capitalization of $1.68 billion, a PE ratio of 12.73 and a beta of 0.39.

BofI Holding (NASDAQ:BOFI) last announced its earnings results on Wednesday, October 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.01. BofI Holding had a net margin of 29.36% and a return on equity of 17.00%. The firm had revenue of $93.89 million for the quarter, compared to analyst estimates of $94.93 million. During the same quarter last year, the business earned $0.45 earnings per share. BofI Holding’s revenue was up 11.1% compared to the same quarter last year. On average, analysts predict that BofI Holding will post $2.37 earnings per share for the current year.

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Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in shares of BofI Holding by 2.1% in the 2nd quarter. BlackRock Inc. now owns 7,591,710 shares of the financial services provider’s stock valued at $180,074,000 after purchasing an additional 152,757 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of BofI Holding by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 5,550,221 shares of the financial services provider’s stock valued at $131,652,000 after purchasing an additional 122,322 shares during the last quarter. State Street Corp boosted its holdings in shares of BofI Holding by 4.3% in the 2nd quarter. State Street Corp now owns 1,439,590 shares of the financial services provider’s stock valued at $34,147,000 after purchasing an additional 58,774 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of BofI Holding by 2.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 993,233 shares of the financial services provider’s stock valued at $23,560,000 after purchasing an additional 24,314 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of BofI Holding by 3.4% in the 2nd quarter. Northern Trust Corp now owns 823,146 shares of the financial services provider’s stock valued at $19,525,000 after purchasing an additional 27,080 shares during the last quarter. Institutional investors own 88.09% of the company’s stock.

BofI Holding Company Profile

BofI Holding, Inc (BofI) is the holding company for BofI Federal Bank (the Bank). The Bank is a diversified financial services company. The Bank provides consumer and business banking products through its branchless, low-cost distribution channels and affinity partners. The Bank has deposit and loan customers, including consumer and business checking, savings and time deposit accounts and financing for single family and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables.

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