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 on Monday.
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 recently weighed in on the stock. FBR & Co set a $33.00 price objective on shares of BofI Holding and gave the stock a “buy” rating in a research note 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 research note on Wednesday, August 31st. Finally, DA Davidson restated a “buy” rating on shares of BofI Holding in a research report on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $30.58.
Shares of BofI Holding (NASDAQ:BOFI) opened at 24.27 on Monday. The stock’s 50 day moving average price is $21.57 and its 200-day moving average price is $19.57. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 12.79 and a beta of 0.08. BofI Holding has a 52-week low of $13.47 and a 52-week high of $25.13.
BofI Holding (NASDAQ:BOFI) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.45 earnings per share for the quarter, hitting the Zacks’ 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 quarter in the previous year, the business posted $1.60 earnings per share. On average, analysts predict that BofI Holding will post $2.10 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC bought a new position in shares of BofI Holding during the third quarter worth $228,000. Price T Rowe Associates Inc. MD raised its position in shares of BofI Holding by 31.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 36,587 shares of the company’s stock worth $820,000 after buying an additional 8,800 shares during the period. LPL Financial LLC raised its position in shares of BofI Holding by 44.9% in the third quarter. LPL Financial LLC now owns 34,311 shares of the company’s stock worth $758,000 after buying an additional 10,640 shares during the period. Grandeur Peak Global Advisors LLC raised its position in shares of BofI Holding by 113.2% in the third quarter. Grandeur Peak Global Advisors LLC now owns 31,400 shares of the company’s stock worth $703,000 after buying an additional 16,675 shares during the period. Finally, Panagora Asset Management Inc. raised its position in shares of BofI Holding by 145.2% in the third quarter. Panagora Asset Management Inc. now owns 170,707 shares of the company’s stock worth $3,824,000 after buying an additional 101,100 shares during the period. Institutional investors own 86.71% of the company’s stock.
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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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