BofI (BOFI) Lifted to Hold at Zacks Investment Research

BofI (NASDAQ:BOFI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

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 recently commented on the stock. BidaskClub upgraded shares of BofI from a “hold” rating to a “buy” rating in a research note on Saturday. Keefe, Bruyette & Woods restated a “hold” rating and set a $30.00 price target on shares of BofI in a research note on Thursday, October 26th. FBR & Co reaffirmed a “buy” rating and set a $36.00 target price (down previously from $37.00) on shares of BofI in a report on Thursday, October 26th. Craig Hallum reaffirmed a “buy” rating and set a $39.00 target price (up previously from $35.00) on shares of BofI in a report on Wednesday, October 4th. Finally, ValuEngine lowered shares of BofI from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 24th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $34.50.

Shares of BofI (BOFI) traded up $0.14 during mid-day trading on Monday, hitting $27.78. 711,100 shares of the company were exchanged, compared to its average volume of 768,885. The stock has a market cap of $1,768.37, a PE ratio of 13.10, a P/E/G ratio of 1.18 and a beta of 0.39. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.06. BofI has a 12 month low of $21.60 and a 12 month high of $32.57.

BofI (NASDAQ:BOFI) last announced its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $93.89 million for the quarter, compared to analysts’ expectations of $94.93 million. BofI had a net margin of 29.36% and a return on equity of 17.00%. BofI’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. sell-side analysts anticipate that BofI will post 2.35 EPS for the current fiscal year.

In related news, Director Edward James Ratinoff sold 7,540 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $26.80, for a total transaction of $202,072.00. Following the sale, the director now owns 29,600 shares of the company’s stock, valued at approximately $793,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.24% of the company’s stock.

Several large investors have recently modified their holdings of BOFI. Teachers Advisors LLC grew its holdings in shares of BofI by 4.3% during the 1st quarter. Teachers Advisors LLC now owns 103,864 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 4,296 shares during the last quarter. Bank of Montreal Can boosted its position in BofI by 944.2% during the 2nd quarter. Bank of Montreal Can now owns 22,784 shares of the financial services provider’s stock valued at $540,000 after buying an additional 20,602 shares during the period. Aperio Group LLC boosted its position in BofI by 20.6% during the 2nd quarter. Aperio Group LLC now owns 11,738 shares of the financial services provider’s stock valued at $278,000 after buying an additional 2,007 shares during the period. Russell Investments Group Ltd. boosted its position in BofI by 5.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 325,769 shares of the financial services provider’s stock valued at $7,727,000 after buying an additional 15,880 shares during the period. Finally, Municipal Employees Retirement System of Michigan boosted its position in BofI by 3.8% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 13,610 shares of the financial services provider’s stock valued at $323,000 after buying an additional 500 shares during the period. 84.40% of the stock is currently owned by hedge funds and other institutional investors.

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BofI 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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