BofI (BOFI) Upgraded to “Hold” at Zacks Investment Research

BofI (NASDAQ:BOFI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.

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. DA Davidson upped their price target on shares of BofI to $48.00 and gave the company a “buy” rating in a research note on Thursday, April 5th. BidaskClub downgraded shares of BofI from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 28th. Raymond James restated an “outperform” rating and issued a $45.00 price target (up from $42.00) on shares of BofI in a research note on Monday, April 2nd. Compass Point downgraded shares of BofI from a “buy” rating to a “neutral” rating and decreased their price target for the company from $47.00 to $44.00 in a research note on Monday, May 21st. Finally, Stephens set a $46.00 price objective on shares of BofI and gave the stock a “buy” rating in a research report on Tuesday, April 10th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $41.00.

Shares of BofI traded down $0.01, hitting $42.35, on Thursday, Marketbeat reports. The company’s stock had a trading volume of 461,000 shares, compared to its average volume of 682,574. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.19 and a current ratio of 1.20. BofI has a fifty-two week low of $22.43 and a fifty-two week high of $45.18. The company has a market capitalization of $2.76 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 1.76 and a beta of 0.31.

BofI (NASDAQ:BOFI) last released its quarterly earnings results on Thursday, April 26th. The financial services provider reported $0.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.01. BofI had a net margin of 28.25% and a return on equity of 17.85%. The business had revenue of $140.21 million for the quarter, compared to the consensus estimate of $134.80 million. During the same period in the prior year, the company posted $0.63 earnings per share. analysts forecast that BofI will post 2.51 EPS for the current year.

In related news, Director John Gary Burke sold 57,539 shares of the company’s stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $41.16, for a total transaction of $2,368,305.24. Following the completion of the sale, the director now owns 1,809,856 shares of the company’s stock, valued at $74,493,672.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.24% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Earnest Partners LLC bought a new position in shares of BofI in the fourth quarter worth about $108,000. Financial Gravity Wealth Inc. bought a new position in shares of BofI in the first quarter worth about $161,000. SG Americas Securities LLC bought a new position in shares of BofI in the first quarter worth about $193,000. Cetera Advisor Networks LLC bought a new position in shares of BofI in the first quarter worth about $202,000. Finally, WINTON GROUP Ltd bought a new position in shares of BofI in the first quarter worth about $206,000. 78.07% of the stock is owned by hedge funds and other institutional investors.

About BofI

BofI Holding, Inc operates as the holding company for BofI Federal Bank that provides consumer and business banking products in the United States. The company offers deposits products, including consumer and business checking, demand, savings, and time deposit accounts. It also provides single family and multifamily mortgage secured lending products; commercial real estate secured and commercial lending products; specialty finance factoring products; and consumer lending products consisting of prime loans to purchase new and used automobiles and recreational vehicles, as well as deposit-related overdraft lines of credit.

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