BofI (BOFI) Upgraded at Zacks Investment Research

BofI (NASDAQ:BOFI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday. The firm currently has a $37.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 17.20% from the stock’s previous close.

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 equities research analysts also recently commented on BOFI. FBR & Co reaffirmed a “buy” rating and issued a $37.00 price objective on shares of BofI in a research report on Friday, September 29th. Craig Hallum reaffirmed a “buy” rating and issued a $39.00 price objective (up previously from $35.00) on shares of BofI in a research report on Wednesday, October 4th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $31.00 price objective on shares of BofI in a research report on Monday, October 9th. Finally, BidaskClub upgraded BofI from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $35.00.

Shares of BofI (NASDAQ BOFI) opened at $31.57 on Friday. The company has a market capitalization of $2,009.62, a price-to-earnings ratio of 14.82, a PEG ratio of 1.29 and a beta of 0.39. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.13 and a quick ratio of 1.13. BofI has a 1 year low of $21.60 and a 1 year high of $32.57.

BofI (NASDAQ:BOFI) last announced its quarterly earnings data 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 business had revenue of $93.89 million during the quarter, compared to the consensus estimate of $94.93 million. BofI had a return on equity of 17.00% and a net margin of 29.36%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. analysts expect that BofI will post 2.46 EPS for the current year.

In related news, Director Edward James Ratinoff sold 7,540 shares of BofI stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $26.80, for a total value of $202,072.00. Following the transaction, the director now owns 29,600 shares in the company, valued at $793,280. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mosich Nick sold 18,308 shares of BofI stock in a transaction on Friday, December 1st. The shares were sold at an average price of $27.75, for a total value of $508,047.00. Following the completion of the transaction, the director now owns 83,018 shares in the company, valued at approximately $2,303,749.50. The disclosure for this sale can be found here. 6.24% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. lifted its stake in shares of BofI by 69.9% during the third quarter. Victory Capital Management Inc. now owns 5,746 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,365 shares in the last quarter. Van Hulzen Asset Management LLC acquired a new position in shares of BofI during the third quarter worth about $211,000. Stoneridge Investment Partners LLC acquired a new position in shares of BofI during the third quarter worth about $214,000. Jaffetilchin Investment Partners LLC acquired a new position in shares of BofI during the third quarter worth about $228,000. Finally, Amalgamated Bank acquired a new position in shares of BofI during the third quarter worth about $231,000. Institutional investors own 84.35% of the company’s stock.

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About BofI

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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