BofI Holding’s (BOFI) “Buy” Rating Reaffirmed at FBR & Co
FBR & Co reissued their buy rating on shares of BofI Holding, Inc. (NASDAQ:BOFI) in a report issued on Friday. The brokerage currently has a $37.00 price objective on the financial services provider’s stock. FBR & Co also issued estimates for BofI Holding’s Q1 2019 earnings at $0.61 EPS, Q2 2019 earnings at $0.63 EPS, Q3 2019 earnings at $0.84 EPS and Q4 2019 earnings at $0.67 EPS.
“BOFI remains well positioned for growth and low credit costs, despite a flatter yield curve, as the company has significantly improved its deposit franchise over the past five years from a thrift-like, CD-heavy deposit base, to an attractive core deposit due to expanded deposit product offerings and treasury management capabilities. We expect BOFI will be able to maintain its core deposit funding to support robust loan growth because of its commercially focused deposit base despite industry challenges. This should support robust earnings growth given the bank’s highly efficient structure, which drives above peer profitability. We reiterate our BUY rating and make BOFI our Alpha Generator pick as BOFI trades at 11.9x our 2018 estimate, a 28% discount to peers.”,” FBR & Co’s analyst commented.
Several other equities analysts have also recently issued reports on the company. ValuEngine cut BofI Holding from a strong-buy rating to a buy rating in a research report on Thursday, August 24th. BidaskClub cut BofI Holding from a strong-buy rating to a buy rating in a research report on Saturday, August 19th. Zacks Investment Research cut BofI Holding from a hold rating to a sell rating in a research report on Monday, July 31st. Finally, DA Davidson reiterated a buy rating and set a $33.00 price target on shares of BofI Holding in a research report on Monday, June 12th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $32.00.
Shares of BofI Holding (NASDAQ BOFI) traded down 0.42% during midday trading on Friday, reaching $28.47. 1,335,681 shares of the company’s stock traded hands. BofI Holding has a one year low of $17.95 and a one year high of $32.57. The company has a 50-day moving average of $26.66 and a 200-day moving average of $25.24. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 13.75 and a beta of 0.40.
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Hedge funds have recently modified their holdings of the company. Scout Investments Inc. grew its holdings in shares of BofI Holding by 77.8% in the 2nd quarter. Scout Investments Inc. now owns 116,400 shares of the financial services provider’s stock worth $2,761,000 after acquiring an additional 50,950 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of BofI Holding in the 1st quarter worth $1,356,000. Karp Capital Management Corp acquired a new position in shares of BofI Holding in the 1st quarter worth $254,000. First Trust Advisors LP grew its holdings in shares of BofI Holding by 2.1% in the 1st quarter. First Trust Advisors LP now owns 147,789 shares of the financial services provider’s stock worth $3,862,000 after acquiring an additional 3,094 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of BofI Holding by 115,357.9% in the 1st quarter. BlackRock Inc. now owns 7,438,953 shares of the financial services provider’s stock worth $194,380,000 after acquiring an additional 7,432,510 shares during the last quarter. Institutional investors own 88.15% of the company’s stock.
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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