BofI (BOFI) Lifted to Strong-Buy at Zacks Investment Research

BofI (NASDAQ:BOFI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Friday, January 12th. The firm currently has a $37.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 1.15% from the company’s current price.

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. “

A number of other brokerages have also commented on BOFI. BidaskClub raised shares of BofI from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 3rd. FBR & Co reaffirmed a “buy” rating and set a $37.00 target price on shares of BofI in a report on Friday, September 29th. Craig Hallum reaffirmed a “buy” rating and set a $39.00 target price (up previously from $35.00) on shares of BofI in a report on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 target price on shares of BofI in a report on Monday, October 9th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. BofI presently has a consensus rating of “Buy” and a consensus price target of $36.00.

BofI (NASDAQ:BOFI) opened at $36.58 on Friday. The company has a market cap of $2,286.23, a price-to-earnings ratio of 17.25, a PEG ratio of 1.47 and a beta of 0.45. BofI has a twelve month low of $21.60 and a twelve month high of $38.51. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 0.06.

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

In other BofI news, Director Mosich Nick sold 18,308 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $2,303,749.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.24% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Barnett & Company Inc. purchased a new stake in shares of BofI in the 4th quarter worth about $456,000. Aperio Group LLC lifted its position in shares of BofI by 12.7% in the 4th quarter. Aperio Group LLC now owns 15,720 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 1,776 shares during the period. Miles Capital Inc. purchased a new stake in shares of BofI in the 4th quarter worth about $207,000. Mesirow Financial Investment Management Equity Management purchased a new stake in shares of BofI in the 4th quarter worth about $21,991,000. Finally, Eqis Capital Management Inc. purchased a new stake in shares of BofI in the 4th quarter worth about $228,000. 87.98% of the stock is owned by hedge funds and other institutional investors.

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About BofI

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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