Zacks Investment Research downgraded shares of BofI Holding, Inc. (NASDAQ:BOFI) from a hold rating to a sell rating in a report issued on Friday, October 27th.
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 have also weighed in on BOFI. BidaskClub raised BofI Holding from a buy rating to a strong-buy rating in a report on Friday, August 11th. ValuEngine lowered BofI Holding from a strong-buy rating to a buy rating in a report on Thursday, August 24th. FBR & Co reissued a buy rating and set a $37.00 price objective on shares of BofI Holding in a report on Friday, September 29th. Craig Hallum restated a buy rating and issued a $39.00 target price (up previously from $35.00) on shares of BofI Holding in a research report on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods restated a market perform rating and issued a $31.00 target price on shares of BofI Holding in a research report on Monday, October 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $33.60.
BofI Holding (BOFI) traded up $0.83 during midday trading on Friday, hitting $25.83. The stock had a trading volume of 478,100 shares, compared to its average volume of 780,251. The company has a market cap of $1,591.40, a PE ratio of 11.79, a price-to-earnings-growth ratio of 1.05 and a beta of 0.40. BofI Holding has a 12 month low of $21.60 and a 12 month high of $32.57. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.06.
BofI Holding (NASDAQ:BOFI) last announced its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. BofI Holding had a return on equity of 17.00% and a net margin of 29.36%. The company had revenue of $93.89 million during the quarter, compared to analyst estimates of $94.93 million. During the same quarter last year, the firm posted $0.45 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. equities research analysts forecast that BofI Holding will post 2.38 earnings per share for the current fiscal year.
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In other news, Director Edward James Ratinoff sold 7,540 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $26.80, for a total value of $202,072.00. Following the sale, the director now directly owns 29,600 shares of the company’s stock, valued at $793,280. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.24% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in BofI Holding by 2.1% in the second quarter. BlackRock Inc. now owns 7,591,710 shares of the financial services provider’s stock valued at $180,074,000 after acquiring an additional 152,757 shares during the period. Vanguard Group Inc. lifted its holdings in BofI Holding 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 acquiring an additional 122,322 shares during the period. State Street Corp raised its stake in shares of BofI Holding by 4.3% in the second quarter. State Street Corp now owns 1,439,590 shares of the financial services provider’s stock worth $34,147,000 after buying an additional 58,774 shares during the period. Bank of New York Mellon Corp raised its stake in shares of BofI Holding by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 993,233 shares of the financial services provider’s stock worth $23,560,000 after buying an additional 24,314 shares during the period. Finally, Northern Trust Corp raised its stake in shares of BofI Holding by 3.4% in the second quarter. Northern Trust Corp now owns 823,146 shares of the financial services provider’s stock worth $19,525,000 after buying an additional 27,080 shares during the period. 87.24% of the stock is currently owned by hedge funds and other institutional investors.
BofI Holding 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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