BofI Holding Inc. (NASDAQ:BOFI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
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 analysts have also weighed in on BOFI. Vetr raised BofI Holding from a “sell” rating to a “strong-buy” rating and set a $20.80 price objective on the stock in a research note on Wednesday, July 13th. FBR & Co reaffirmed a “buy” rating on shares of BofI Holding in a research note on Saturday, April 30th. Finally, Craig Hallum started coverage on BofI Holding in a research note on Thursday, April 7th. They issued a “buy” rating and a $35.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $29.79.
Several institutional investors recently modified their holdings of the company. Victory Capital Management Inc. increased its position in shares of BofI Holding by 2,372.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,658,668 shares of the company’s stock worth $77,015,000 after buying an additional 3,510,693 shares during the period. TimesSquare Capital Management LLC increased its position in shares of BofI Holding by 4.0% in the first quarter. TimesSquare Capital Management LLC now owns 2,513,595 shares of the company’s stock worth $53,640,000 after buying an additional 96,515 shares during the period. Dimensional Fund Advisors LP increased its position in shares of BofI Holding by 303.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,437,578 shares of the company’s stock worth $51,311,000 after buying an additional 1,833,599 shares during the period. Ameriprise Financial Inc. increased its position in shares of BofI Holding by 1,602.8% in the fourth quarter. Ameriprise Financial Inc. now owns 1,536,392 shares of the company’s stock worth $32,346,000 after buying an additional 1,446,164 shares during the period. Finally, Davis Capital Partners LLC increased its position in shares of BofI Holding by 330.3% in the fourth quarter. Davis Capital Partners LLC now owns 1,420,000 shares of the company’s stock worth $29,891,000 after buying an additional 1,090,000 shares during the period.
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, distribution channels and affinity partners. The Bank has deposit and loan customers across the nation, 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.
