BofI (BOFI) Upgraded 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 report sent to 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. “

Several other equities analysts have also issued reports on the company. FBR & Co reaffirmed a buy rating and issued a $36.00 target price (down from $37.00) on shares of BofI in a report on Thursday, October 26th. Keefe, Bruyette & Woods reissued a market perform rating and set a $31.00 price objective on shares of BofI in a report on Monday, October 9th. Craig Hallum reissued a buy rating and set a $39.00 price objective (up from $35.00) on shares of BofI in a report on Wednesday, October 4th. ValuEngine lowered BofI from a strong-buy rating to a buy rating in a report on Thursday, August 24th. Finally, BidaskClub lowered BofI from a strong-buy rating to a buy rating in a report on Saturday, August 19th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. BofI currently has a consensus rating of Buy and an average target price of $34.50.

BofI (BOFI) traded up $0.24 during mid-day trading on Monday, hitting $28.02. The stock had a trading volume of 737,100 shares, compared to its average volume of 768,749. The company has a market capitalization of $1,768.37, a price-to-earnings ratio of 13.10, a PEG ratio of 1.18 and a beta of 0.39. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.06. BofI has a 52 week low of $21.60 and a 52 week high of $32.57.

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

In other BofI news, Director Edward James Ratinoff sold 7,540 shares of the stock in a transaction on 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 directly owns 29,600 shares of the company’s stock, valued at $793,280. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 6.24% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of BofI by 2.1% in the second quarter. BlackRock Inc. now owns 7,591,710 shares of the financial services provider’s stock worth $180,074,000 after acquiring an additional 152,757 shares during the period. Vanguard Group Inc. boosted its holdings in shares of BofI by 2.3% in the second quarter. Vanguard Group Inc. now owns 5,550,221 shares of the financial services provider’s stock worth $131,652,000 after acquiring an additional 122,322 shares during the period. State Street Corp boosted its holdings in shares of BofI by 4.3% in the second quarter. State Street Corp now owns 1,439,590 shares of the financial services provider’s stock worth $34,147,000 after acquiring an additional 58,774 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of BofI by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 993,233 shares of the financial services provider’s stock worth $23,560,000 after acquiring an additional 24,314 shares during the period. Finally, Northern Trust Corp raised its position in shares of BofI by 3.4% in the second quarter. Northern Trust Corp now owns 823,146 shares of the financial services provider’s stock worth $19,525,000 after buying an additional 27,080 shares in the last quarter. 84.40% of the stock is 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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