Zacks Investment Research Downgrades BofI Holding Inc. (BOFI) to Sell
BofI Holding Inc. (NASDAQ:BOFI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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 analysts also recently commented on the stock. Stephens began coverage on shares of BofI Holding in a report on Wednesday, November 23rd. They issued an “overweight” rating and a $30.00 price objective for the company. FBR & Co set a $33.00 price objective on shares of BofI Holding and gave the stock a “buy” rating in a report on Sunday, October 30th. Vetr raised shares of BofI Holding from a “buy” rating to a “strong-buy” rating and set a $24.90 price objective for the company in a report on Wednesday, August 31st. Finally, DA Davidson reaffirmed a “buy” rating on shares of BofI Holding in a report on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, four have issued a buy rating and two have issued a strong buy rating to the stock. BofI Holding currently has a consensus rating of “Buy” and a consensus price target of $30.48.
BofI Holding (NASDAQ:BOFI) opened at 23.63 on Tuesday. The stock’s 50 day moving average is $21.80 and its 200 day moving average is $19.75. The firm has a market capitalization of $1.50 billion, a P/E ratio of 12.46 and a beta of 0.08. BofI Holding has a one year low of $13.47 and a one year high of $25.13.
BofI Holding (NASDAQ:BOFI) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. BofI Holding had a net margin of 30.22% and a return on equity of 18.49%. During the same period in the prior year, the firm posted $1.60 earnings per share. On average, equities research analysts predict that BofI Holding will post $2.09 earnings per share for the current fiscal year.
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In other BofI Holding news, Director Theodore C. Allrich sold 5,000 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $24.25, for a total value of $121,250.00. Following the completion of the transaction, the director now directly owns 225,076 shares of the company’s stock, valued at approximately $5,458,093. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Theodore C. Allrich sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $25.05, for a total transaction of $250,500.00. Following the completion of the transaction, the director now directly owns 215,076 shares of the company’s stock, valued at $5,387,653.80. The disclosure for this sale can be found here. 6.34% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in BOFI. State Street Corp increased its position in shares of BofI Holding by 1.4% in the first quarter. State Street Corp now owns 1,163,813 shares of the company’s stock valued at $24,836,000 after buying an additional 16,095 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in BofI Holding by 314.3% in the first quarter. UBS Asset Management Americas Inc. now owns 125,951 shares of the company’s stock worth $2,688,000 after buying an additional 95,551 shares in the last quarter. LPL Financial LLC increased its stake in BofI Holding by 25.6% in the first quarter. LPL Financial LLC now owns 43,446 shares of the company’s stock worth $921,000 after buying an additional 8,856 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in BofI Holding by 124.0% in the second quarter. BNP Paribas Arbitrage SA now owns 18,022 shares of the company’s stock worth $319,000 after buying an additional 9,975 shares in the last quarter. Finally, Capstone Asset Management Co. increased its stake in BofI Holding by 13.2% in the second quarter. Capstone Asset Management Co. now owns 24,866 shares of the company’s stock worth $440,000 after buying an additional 2,890 shares in the last quarter. 88.54% of the stock is owned by hedge funds and other institutional investors.
About BofI Holding
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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