Zacks Investment Research Lowers BofI (NASDAQ:BOFI) to Hold

Zacks Investment Research downgraded shares of BofI (NASDAQ:BOFI) from a buy rating to a hold rating in a research report released on Tuesday, February 13th.

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 research analysts also recently weighed in on the stock. FBR & Co reiterated a buy rating and issued a $36.00 price objective (down previously from $37.00) on shares of BofI in a research report on Thursday, October 26th. Keefe, Bruyette & Woods reissued a hold rating and set a $30.00 target price on shares of BofI in a research note on Thursday, October 26th. BidaskClub raised shares of BofI from a hold rating to a buy rating in a research note on Saturday, December 2nd. Sandler O’Neill reissued a buy rating and set a $38.00 target price on shares of BofI in a research note on Wednesday, January 31st. Finally, Stephens reissued a buy rating and set a $39.00 target price on shares of BofI in a research note on Thursday, February 1st. Two equities research 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. The company presently has an average rating of Buy and an average target price of $36.00.

BofI (BOFI) opened at $38.21 on Tuesday. The firm has a market cap of $2,387.48, a PE ratio of 17.13, a price-to-earnings-growth ratio of 1.54 and a beta of 0.45. BofI has a 1 year low of $21.60 and a 1 year high of $38.91. 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 issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.08. The business had revenue of $101.31 million during the quarter, compared to the consensus estimate 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 posted $0.50 earnings per share. sell-side analysts expect that BofI will post 2.48 EPS for the current year.

In related 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 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 SEC, which can be accessed through this hyperlink. 6.24% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in BofI by 4.4% during the 4th quarter. BlackRock Inc. now owns 7,929,330 shares of the financial services provider’s stock valued at $237,087,000 after acquiring an additional 334,469 shares in the last quarter. Vanguard Group Inc. grew its stake in BofI by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,550,221 shares of the financial services provider’s stock valued at $131,652,000 after acquiring an additional 122,322 shares in the last quarter. Basswood Capital Management L.L.C. grew its stake in BofI by 16.3% during the 4th quarter. Basswood Capital Management L.L.C. now owns 1,629,787 shares of the financial services provider’s stock valued at $48,731,000 after acquiring an additional 228,912 shares in the last quarter. State Street Corp grew its stake in BofI by 4.3% during the 2nd quarter. State Street Corp now owns 1,439,590 shares of the financial services provider’s stock valued at $34,147,000 after acquiring an additional 58,774 shares in the last quarter. Finally, Rice Hall James & Associates LLC grew its stake in BofI by 12.8% during the 4th quarter. Rice Hall James & Associates LLC now owns 886,472 shares of the financial services provider’s stock valued at $26,506,000 after acquiring an additional 100,769 shares in the last quarter. 84.14% of the stock is owned by 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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