Zacks Investment Research Downgrades BofI (BOFI) to Hold

Zacks Investment Research cut shares of BofI (NASDAQ:BOFI) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

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. “

Several other brokerages have also issued reports on BOFI. Stephens reiterated a buy rating and issued a $39.00 target price on shares of BofI in a research report on Thursday, February 1st. Sandler O’Neill reiterated a buy rating and issued a $38.00 target price on shares of BofI in a research report on Wednesday, January 31st. BidaskClub upgraded shares of BofI from a buy rating to a strong-buy rating in a research report on Wednesday, January 3rd. FBR & Co reiterated a buy rating and issued a $36.00 target price (down from $37.00) on shares of BofI in a research report on Thursday, October 26th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $30.00 price target on shares of BofI in a research note on Thursday, October 26th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. BofI has a consensus rating of Buy and a consensus price target of $36.00.

BofI (BOFI) opened at $38.38 on Tuesday. BofI has a 1 year low of $21.60 and a 1 year high of $38.55. The stock has a market cap of $2,344.35, a price-to-earnings ratio of 18.10, a P/E/G ratio of 1.51 and a beta of 0.45. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.15 and a quick ratio of 1.14.

BofI (NASDAQ:BOFI) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.08. BofI had a net margin of 28.37% and a return on equity of 17.27%. The company had revenue of $101.31 million during the quarter, compared to analyst estimates of $100.29 million. During the same period in the previous year, the business earned $0.50 earnings per share. analysts predict that BofI will post 2.48 EPS for the current fiscal year.

In other BofI news, Director Mosich Nick sold 18,308 shares of the business’s 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 sale, the director now directly owns 83,018 shares of the company’s stock, valued at $2,303,749.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.24% of the company’s stock.

A number of institutional investors have recently bought and sold shares of BOFI. Wells Fargo & Company MN lifted its stake in BofI by 0.3% in the second quarter. Wells Fargo & Company MN now owns 96,467 shares of the financial services provider’s stock worth $2,288,000 after purchasing an additional 328 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of BofI by 4.3% during the second quarter. Teachers Advisors LLC now owns 108,368 shares of the financial services provider’s stock valued at $2,570,000 after acquiring an additional 4,504 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of BofI by 0.5% during the second quarter. PNC Financial Services Group Inc. now owns 16,771 shares of the financial services provider’s stock valued at $398,000 after acquiring an additional 80 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of BofI by 23.7% during the second quarter. New York State Common Retirement Fund now owns 110,280 shares of the financial services provider’s stock valued at $2,616,000 after acquiring an additional 21,149 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of BofI by 5.4% during the second quarter. UBS Asset Management Americas Inc. now owns 33,731 shares of the financial services provider’s stock valued at $800,000 after acquiring an additional 1,734 shares during the last quarter. 84.15% of the stock is owned by institutional investors and hedge funds.

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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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