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

BofI (NASDAQ:BOFI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

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. “

Several other research firms have also recently issued reports on BOFI. Stephens reissued a “buy” rating and set a $39.00 target price on shares of BofI in a research note on Thursday, February 1st. 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. BidaskClub raised BofI from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 3rd. FBR & Co reissued a “buy” rating and set a $36.00 target price (down previously from $37.00) on shares of BofI in a research note on Thursday, October 26th. Finally, 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. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $36.00.

BofI (NASDAQ:BOFI) traded up $0.42 during mid-day trading on Tuesday, reaching $35.54. The company’s stock had a trading volume of 360,161 shares, compared to its average volume of 810,621. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.15. The firm has a market capitalization of $2,260.00, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.41 and a beta of 0.45. BofI has a one year low of $21.60 and a one year high of $38.51.

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

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

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of BofI by 4.4% in the fourth quarter. BlackRock Inc. now owns 7,929,330 shares of the financial services provider’s stock valued at $237,087,000 after buying an additional 334,469 shares in the last quarter. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 122,322 shares during the period. State Street Corp boosted its holdings in 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 purchasing an additional 58,774 shares during the period. Rice Hall James & Associates LLC boosted its holdings in BofI by 12.8% in the fourth quarter. Rice Hall James & Associates LLC now owns 886,472 shares of the financial services provider’s stock valued at $26,506,000 after purchasing an additional 100,769 shares during the period. Finally, Northern Trust Corp boosted its holdings in 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 purchasing an additional 27,080 shares during the period. 84.15% of the stock is owned by institutional investors and hedge funds.

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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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