BofI (BOFI) Reaches New 52-Week High After Strong Earnings

BofI Holding, Inc. (NASDAQ:BOFI) reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $36.29 and last traded at $36.36, with a volume of 2772353 shares. The stock had previously closed at $33.36.

The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.08. BofI had a return on equity of 17.00% and a net margin of 29.36%. The firm had revenue of $101.31 million during the quarter, compared to analyst estimates of $100.29 million. During the same quarter in the previous year, the company posted $0.50 earnings per share.

A number of research firms have recently weighed in on BOFI. Sandler O’Neill reissued a “buy” rating and issued a $38.00 target price on shares of BofI in a research note on Wednesday. Zacks Investment Research raised BofI from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research note on Wednesday. Finally, BidaskClub raised BofI from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $35.50.

In other BofI news, Director Mosich Nick sold 18,308 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $27.75, for a total transaction of $508,047.00. Following the completion of the transaction, the director now owns 83,018 shares of the company’s stock, valued at approximately $2,303,749.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.24% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BOFI. Municipal Employees Retirement System of Michigan grew its holdings in shares of BofI by 54.8% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 21,070 shares of the financial services provider’s stock worth $600,000 after acquiring an additional 7,460 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of BofI by 3.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 589,816 shares of the financial services provider’s stock worth $16,864,000 after acquiring an additional 20,373 shares during the period. Vanguard Group Inc. grew its holdings in shares of BofI by 2.3% during the 2nd 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. Prudential PLC grew its holdings in shares of BofI by 15.9% during the 2nd quarter. Prudential PLC now owns 718,500 shares of the financial services provider’s stock worth $17,043,000 after acquiring an additional 98,700 shares during the period. Finally, BlackRock Inc. grew its holdings in shares of BofI by 2.1% during the 2nd 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. 84.69% of the stock is owned by institutional investors and hedge funds.

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 company has a market capitalization of $2,290.00, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 1.36 and a beta of 0.39.

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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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