BofI (BOFI) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of BofI (NASDAQ:BOFI) from a sell rating to a hold rating in a research note published on Monday morning.

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. “

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $31.00 price target on shares of BofI in a report on Monday, October 9th. Craig Hallum reaffirmed a buy rating and set a $39.00 price target (up previously from $35.00) on shares of BofI in a report on Wednesday, October 4th. BidaskClub raised shares of BofI from a buy rating to a strong-buy rating in a report on Friday, August 11th. FBR & Co reissued a buy rating and issued a $37.00 price objective on shares of BofI in a research note on Friday, September 29th. Finally, ValuEngine downgraded shares of BofI from a strong-buy rating to a buy rating in a research note 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 company. The stock has a consensus rating of Buy and a consensus target price of $34.50.

Shares of BofI (NASDAQ BOFI) opened at $27.66 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1,776.01, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.19 and a beta of 0.39. BofI has a twelve month low of $21.60 and a twelve month high of $32.57.

BofI (NASDAQ:BOFI) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The firm had revenue of $93.89 million during the quarter, compared to the consensus estimate of $94.93 million. BofI had a net margin of 29.36% and a return on equity of 17.00%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. equities research analysts expect that BofI will post 2.35 earnings per share for the current fiscal year.

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

A number of institutional investors have recently made changes to their positions in BOFI. Victory Capital Management Inc. lifted its position in BofI by 69.9% during the third quarter. Victory Capital Management Inc. now owns 5,746 shares of the financial services provider’s stock valued at $164,000 after purchasing an additional 2,365 shares during the last quarter. Endurance Wealth Management Inc. lifted its holdings in shares of BofI by 11.6% in the 2nd quarter. Endurance Wealth Management Inc. now owns 7,463 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 775 shares during the last quarter. Van Hulzen Asset Management LLC bought a new stake in shares of BofI in the 3rd quarter worth approximately $211,000. Stoneridge Investment Partners LLC bought a new stake in shares of BofI in the 3rd quarter worth approximately $214,000. Finally, Jaffetilchin Investment Partners LLC bought a new stake in shares of BofI in the 3rd quarter worth approximately $228,000. Institutional investors and hedge funds own 84.40% of the company’s stock.

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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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