BofI (BOFI) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of BofI (NASDAQ:BOFI) from a hold rating to a strong-buy rating in a research report sent to investors on Friday morning. The brokerage currently has $37.00 target price on the financial services provider’s stock.

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. “

BOFI has been the topic of several other reports. Keefe, Bruyette & Woods reissued a market perform rating and set a $31.00 target price on shares of BofI in a research report on Monday, October 9th. Craig Hallum reissued a buy rating and set a $39.00 target price (up from $35.00) on shares of BofI in a research report on Wednesday, October 4th. FBR & Co reissued a buy rating and set a $37.00 target price on shares of BofI in a research report on Friday, September 29th. Finally, BidaskClub raised shares of BofI from a hold rating to a buy rating in a research 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 company presently has an average rating of Buy and an average price target of $35.00.

BofI (NASDAQ:BOFI) traded down $0.18 during trading on Friday, reaching $31.57. 697,672 shares of the company’s stock traded hands, compared to its average volume of 654,067. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market capitalization of $2,010.00, a P/E ratio of 15.11, a price-to-earnings-growth ratio of 1.29 and a beta of 0.39. BofI has a 52-week low of $21.60 and a 52-week high of $32.57.

BofI (NASDAQ:BOFI) last posted its earnings results on Wednesday, October 25th. The financial services provider reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The firm had revenue of $93.89 million for 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 quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. equities research analysts forecast that BofI will post 2.46 EPS for the current year.

In other BofI news, Director Mosich Nick sold 18,308 shares of the company’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 directly 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 can be accessed through this hyperlink. Also, Director Edward James Ratinoff sold 7,540 shares of the company’s stock in a transaction dated 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 $793,280. The disclosure for this sale can be found here. 6.24% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake 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 valued at $180,074,000 after buying an additional 152,757 shares during the period. Vanguard Group Inc. lifted its stake 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 valued at $131,652,000 after buying an additional 122,322 shares during the period. State Street Corp lifted its stake 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 valued at $34,147,000 after buying an additional 58,774 shares during the period. Bank of New York Mellon Corp lifted its stake 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 valued at $23,560,000 after buying an additional 24,314 shares during the period. Finally, Northern Trust Corp lifted its stake 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 valued at $19,525,000 after buying an additional 27,080 shares during the period. Institutional investors own 84.35% 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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